Gemini Advances EU Market Plans with MiCAR License in Malta

The exchange became one of five crypto firms to hold authorization from the Malta Financial Services Authority (MFSA), alongside Bitpanda, Crypto.com, OKX and ZBX. This license allows Gemini to operate across any of the European Union’s 27 member states through MiCAR’s “passport” model which requires approval from only one country to access the bloc.

Euro pivot

The license, granted on Wednesday according to MFSA records, builds upon Gemini’s European push. It follows the firm’s May approval under the EU’s Markets in Financial instruments Directive II (MiFID II), which enabled Gemini to offer derivatives across the bloc.

Since then, Gemini has launched tokenized stock trading on the Arbitrum blockchain in June and filed last week to list on Nasdaq under the ticker GEMI.

“Clear regulation is the foundation of global crypto adoption, and MiCA has proven Europe to be one of the most forward-thinking regions,” said Mark Jennings, Head of Europe for Gemini in a statement on the company’s website.

Does one size fit all?

While MiCAR rules are meant to harmonize oversight across the bloc, they have also drawn scrutiny. Maltese authorities faced questions from the European Securities and Markets Authority (ESMA) in July over potential shortfalls in its authorization process, which was characterized as hasty.

Nonetheless, Malta remains a key hub for crypto firms looking seeking a foothold in Europe. Gemini’s twin approvals MiFID II in May and MiCAR this week allow the firm to roll out comprehensive offerings for European customers.

Kraken, a US-based crypto exchange, and Robinhood, a platform which offers both retail crypto and stock trading, launched tokenized equity platforms in the EU this summer, highlighting growing interest from US crypto firms to tap into European market.