Gemini Exchange Wins Malta MiCA License

Cryptocurrency exchange Gemini received a Markets in Crypto-Assets Regulation (MiCA) license in Malta, supporting the company’s ongoing expansion in Europe.

The Cameron and Tyler Winklevoss-owned exchange secured a MiCA license from the Malta Financial Services Authority (MFSA) on Wednesday, according to official MFSA records.

“Receiving this approval marks a critical milestone in our regulated European expansion, as it will allow us to expand our secure and reliable crypto products for customers in over 30 European countries and jurisdictions,” Gemini said in a statement shared with Cointelegraph.

The regulatory milestone came shortly after Gemini filed to list its Class A common stock on the Nasdaq Global Select Market under the ticker GEMI last Friday.

Gemini welcomes “clear regulation”

“Today’s announcement cements Gemini’s long-standing dedication to upholding the highest standards of regulatory compliance as we scale in the region,” Gemini said, highlighting the importance of MiCA for crypto adoption.

“We believe that clear regulation of the industry is the foundation of global crypto adoption, and MiCA’s implementation has proven that Europe is one of the most innovative and forward-thinking regions regarding this,” Gemini’s statement added.

Gemini also holds a Markets in Financial Instruments Directive (MiFID II) license, received in May, allowing the exchange to offer derivatives in the European market.

Gemini offers tokenized stocks in the EU

In line with active expansion in the EU, Gemini rolled out a tokenized stocks offering on the Arbitrum blockchain in late June, targeting European customers.

Unlike traditional stock offerings, tokenized stocks allow users to trade tokenized shares of companies like Michael Saylor’s Strategy (MSTR) with 24/7 market access.

By launching tokenized stocks in the EU, Gemini joined a growing tokenized equity trend, with rivals like Kraken exchange launching a similar offering on Solana on June 30. Robinhood, a crypto-friendly stock trading app based in the US, launched an Arbitrum-based platform for EU users the same day.

Related: EU banking regulator finalizes draft rules for banks holding Bitcoin, Ether

In the EU, tokenized stocks are regulated under the MiFID II framework, which classifies tokenized financial instruments as financial instruments, similar to derivatives.

Malta has issued five MiCA licenses

According to the MFSA register, Gemini is the fifth crypto asset service provider (CASP) to receive a license from the authority, joining Bitpanda, Crypto.com, OKX and ZBX.

The authority came under scrutiny from the European Securities and Markets Authority (ESMA), Europe’s primary supervisory body overseeing the MiCA compliance, in July for some shortfalls in the authorization process for an unidentified CASP.

The MFSA subsequently said that none of the MiCA licenses were at risk following a recent peer review by ESMA, highlighting its ongoing commitment to close collaboration with EU authorities.