Gemini, Backed by Winklevoss Twins, Gains EU-Wide License After Malta’s MiCA Approval
Gemini is stepping into the European market with a compliance-focused approach. With its recently acquired MiCA license and existing MiFID II approval, the exchange positions itself as a fully regulated contender against established firms within the region.
Summary
- Gemini has successfully obtained a MiCA license from Malta, granting it access to the EU market across all 27 member states and EEA countries.
- This authorization, combined with Gemini’s MiFID II license, solidifies the exchange’s status as a fully regulated competitor in Europe.
On August 21, the cryptocurrency exchange Gemini announced it had secured a MiCA license from the Malta Financial Services Authority. This regulatory approval allows the company, founded by the Winklevoss twins, to provide services like custody and trading across all 27 EU member states and various other jurisdictions in the European Economic Area.
The approval, now listed in the MFSA’s official registry, streamlines Gemini’s growth strategy from navigating individual country regulations to a cohesive, bloc-wide operation. This sends a message to the EU that major exchanges are prepared to comply with its regulations, offering a crucial opportunity to determine whether coherent regulation can spur both industry growth and essential protections in a market often characterized by legal ambiguity.
Completing Gemini’s Regulatory Arsenal
This MiCA approval follows closely after Gemini obtained a key Markets in Financial Instruments Directive (MiFID II) license in May, which allows the exchange to provide derivative products to European clients.
The combination of MiFID II and MiCA licenses represents the “gold standard” for operations in the EU, transforming Gemini from a basic crypto service provider into a fully compliant, adaptable trading platform capable of handling a wide range of digital asset products.
Building on its MiFID II approval, Gemini launched tokenized stocks for European clients in late June. These blockchain tokens, representing shares of traditional equities and available for nearly continuous trading, showcase the type of innovative financial products that the EU is looking to promote within its new regulatory framework.
Additionally, this expansive strategy aligns with Gemini’s broader objectives; the exchange has made significant moves towards an initial public offering, engaging Goldman Sachs, Morgan Stanley, Cantor, and Citigroup to spearhead the initiative.
Why Gemini is Investing in MiCA
Gemini’s leadership expressed not only their commitment to compliance but also genuine enthusiasm for the MiCA framework. This regulation, which will fully take effect for crypto asset service providers this December, marks the first substantial attempt globally to standardize digital asset regulations across a major economic region.
For an exchange that has consistently championed “regulation as a driver of growth,” MiCA presents the legal clarity required to deploy products and services at scale without the complexities of navigating a confusing patchwork of national regulations.
“We believe that clear regulation of the industry is the foundation of global crypto adoption, and MiCA’s implementation has demonstrated that Europe is one of the most innovative and forward-thinking regions regarding this,” remarked Mark Jennings, Gemini’s Head of Europe.
With this approval, Gemini joins a select few exchanges that have received the MiCA endorsement from the Malta Financial Services Authority. According to the official MFSA registry, it now stands alongside only four other crypto asset service providers: Bitpanda, Crypto.com, OKX, and ZBX.