Gemini has received a MiCA license from the authorities in Malta, marking a further expansion of its services in Europe.
Gemini, the cryptocurrency exchange owned by Tyler and Cameron Winklevoss, has obtained a new Markets in Crypto Assets (MiCA) license.
This marks the further expansion of the digital asset service provider in the European region.
Gemini Bags Multiple Licenses in the EU
Records show that the Gemini exchange received the MiCA license from the Malta Financial Services Authority (MFSA) on Wednesday. With this license, the firm now has approval to provide its services to all the countries within the European Economic Area (EEA).
Mark Jennings, the Head of Gemini Europe office, strongly believes that this is an opportunity for the exchange to empower the next era of financial, creative, and personal freedom in Europe.
“Receiving this approval marks a critical milestone in our regulated European expansion, as it will allow us to offer secure and reliable crypto across all 30 European countries and jurisdictions, unlocking a vastly larger market,” Jennings explained.
This is just one of the licences that the Winklevoss brothers’ exchange has secured this year. Back in May, Gemini received an Investment Firm licence to offer derivatives under the Markets in Financial Instruments Directive (MiFID II).
This was the approval that gave it the status of a fully-compliant crypto trading venue in the European Union.
Also, Gemini had recently launched tokenized stocks, which represent company shares in the European region. This service puts Gemini on the path to launch more products and services that will serve both retail and institutional customers, including derivatives.
Concerns Over Speed of MiCA License Approvals
Earlier this year, when Gemini hinted at the possibility of receiving the MiCA license from Malta, the region was earmarked as one of those raising concerns from other national regulators. Precisely, the regulators pointed out the ease and speed of approvals in Malta and many other nations.
Their concerns seem valid since MiCA has only been in effect for eight months, yet many crypto firms have already secured the license.
About a month ago, CoinShares Asset Management announced that it had secured the licence from France’s Autorité des Marchés Financiers (AMF).
Coinbase has a MiCA license from Luxembourg’s Commission de Surveillance du Secteur Financier (CSSF).
With so many MiCA licenses being issued, some regulators suspect that proper due diligence may not be taking place. EU authorities have been urged to scrutinize the process more closely to avoid risks linked to lenient approvals.
Potential issues include fraud, market instability, and illicit financial flows. If oversight remains weak or MiCA rules are unevenly enforced, the framework’s purpose could be undermined.
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