Gemini has chosen Malta as its European operating hub in order to comply with the Markets in Crypto-Assets (MiCA) framework, which regulates the cryptocurrency sector in the European Union. This decision demonstrates Gemini’s commitment to meeting legal requirements and expanding its services by selecting Malta.
Malta is known as a welcoming country for fintech and digital asset innovation. Gemini obtained a license for Virtual Financial Assets Services (VFA) in Malta in December 2024, allowing them to maintain compliance with relevant regulations. This choice also reflects Gemini’s efforts to contribute to the growth of the local crypto economy.
Gemini’s Head of Operations for Europe, Mark Jennings, believes that the MiCA framework provides much-needed legal clarity for the crypto sector. He stated, “Our decision to establish Malta as our MiCA hub reflects our commitment to upholding regulatory standards, advancing innovation, and shaping the future of digital assets in Europe. We hope that it serves as a blueprint for crypto regulation globally.” Gemini aims to build trust among users and authorities by making Malta their operating hub and plans to attract local talent to enhance their regional operations.
In addition to ensuring regulatory compliance, Gemini continues to drive innovation in the crypto sector. This aligns with their vision of creating a transparent and trustworthy digital asset trading system. Establishing an operational base in Malta provides Gemini with an excellent opportunity to expand their services across Europe.
As part of their European expansion plan, Gemini has chosen Malta as their operational base. Prior to this, they began offering services in France in November 2024 and registered as a Virtual Asset Service Provider (VASP) in several other European countries. Although Ireland was previously Gemini’s operational base in Europe, they decided to relocate to Malta due to regulatory delays in Ireland. However, they maintain their Electronic Money Institution (EMI) license and office in Ireland, ensuring smooth operations in different regions through consistent communication with local authorities.
The MiCA framework is expected to have a significant impact on the crypto market in the European Union. It aims to provide legal clarity, which has been a hindrance to wider adoption of cryptocurrencies. Gemini’s “State of Crypto” research in 2024 revealed that 39% of non-crypto owners worldwide cited a lack of regulatory clarity as the main reason for their lack of involvement in the crypto market. Through MiCA, Gemini intends to lead in fostering trust and driving innovation, thereby increasing their competitiveness in the European market and attracting new users. Additionally, MiCA offers a solid legal foundation for the growth of digital asset trading and decentralized finance (DeFi) industries.
Despite this growth, Gemini has faced challenges in other markets. The exchange officially closed all client accounts in Canada on December 31, 2024, following the announcement via email on September 30, 2024. Regulatory reforms implemented by the Canadian Securities Administrators (CSA) led to the decision to exit the Canadian market. The new rules required crypto trading platforms to sign a pre-registration agreement in order to continue operating in the country. As Gemini chose not to comply with this requirement, they had to cease their operations in Canada.