Gemini Chooses Malta as MiCA Hub in Europe

Crypto exchange Gemini has announced a major expansion plan in Europe. The trading platform plans to comply with the new crypto rules set by the European Union (EU), known as MiCA (Markets in Crypto-Assets).

Gemini, on Monday, January 20 announced plans to open a special hub in Malta. Most crypto exchanges are making changes to comply with MiCA, to enable them to operate without legal complications.

What is MiCA and Why is it Important?

MiCA is a new set of rules designed to make crypto trading safer and more transparent across Europe. It aims to create one common set of guidelines for all EU countries, making it easier for businesses like Gemini to operate. Before MiCA, different countries had their own rules, which made things confusing and difficult.

Gemini’s Plans in Malta

Gemini received a Virtual Asset Service Provider (VASP) license from the Malta Financial Services Authority (MFSA) in December 2024. This license is a big step, but Gemini still needs to get full approval under MiCA.

According to Mark Jennings, Gemini’s head of Europe, companies can either apply for a fresh MiCA license or upgrade their existing VASP license to meet the new standards.

With licenses in Malta, France, Ireland, Spain, Italy, and Greece, Gemini is working hard to expand its services. It even launched its crypto services in France in November 2024 after securing the French VASP license.

Why Malta?

Malta is known for being friendly to financial technology and crypto companies. It offers a supportive environment, making it the perfect place for Gemini to set up its European base and build its operations.

Some experts expect crypto activities to thrive in Europe with the new MiCA laws. However, stablecoins remain a gray area. While MiCA makes things clear, there are some concerns about stablecoins. For example, Tether has not received approval, meaning it could exit the European market.

Nonetheless, MiCA presents a huge opportunity for crypto firms like Gemini, providing a clear future for exchanges and other market participants.

Disclaimer

The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.

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