Gemini chooses Malta as a regulatory hub

Gemini has received registration as a Crypto‑Asset Service Provider (CASP) from the Malta Financial Services Authority (MFSA), a key step in the process towards the full license provided by the MiCA regulation. In this context, with Malta chosen as the regulatory hub for Europe, the company has activated the European passport, which in the medium term will allow operations in over 30 jurisdictions, as reported by Cointelegraph.

According to the data collected by our editorial team during interviews with legal advisors and compliance teams in the sector, the questions addressed to the MFSA highlight a strong focus on governance, IT resilience, and AML/CFT controls. 

Analysts note that the activation of the EU passport by large exchanges tends to accelerate institutional access and the improvement of cross-border liquidity. The MiCA regulation and the related technical documentation from the European Commission provide the framework for these requirements.

Why Malta becomes the European hub of Gemini

The MFSA registration as CASP consolidates the operational base in Malta for the cross-border distribution of the exchange’s services. It should be noted that among the regulatory pieces are European authorizations already obtained and a registration VASP/VFA in Malta. An interesting aspect is that, in parallel, in May 2025 Gemini also obtained a MiFID II authorization for derivatives, expanding the range of products available under supervision, as described by Ainvest.

What changes for products and customers in Europe

• Single passport: national registration allows the coordinated offering of crypto services in multiple member states, following common rules.
• Transparency and protections: requirements on governance, segregation of client assets, AML/CFT rules, and risk management make operations more predictable.
• Wider offering: alignment with MiCA and MiFID II facilitates the introduction of structured products and institutional access.

Inside the MFSA registration: what the MiCA path requires

The regulatory framework MiCA defines minimum standards for service providers on cryptocurrencies. In this framework, the key chapters include:

• Capital and governance: capital thresholds, independent control functions, and fit & proper criteria for management.
• Customer protection: segregation of funds, custody policy, and management of conflicts of interest.
• Compliance and supervision: AML/KYC procedures, monitoring of operations, incident reporting, and operational continuity.
• Outsourcing: traceable and reviewable agreements with critical third-party suppliers.

The framework is outlined by the MFSA in line with European regulations and technical standards at the community level. For technical details and application guidelines, consult the official publications of MFSA – Circular (Dec. 2024) and the guidelines of ESMA.

Process for the MiCA license in Malta: the essential checklist

• Pre‑filing with the MFSA: initial discussion on the business model and the planned services.
• Formal request: presentation of statute, organizational chart, internal policies, AML/CFT manuals, and continuity plans.
• Evaluation: verification of capital and governance requirements, testing of internal controls and IT infrastructure.
• Registration and EU passport: operational start and notification procedures to the concerned Member States.

The timing depends on the complexity of the model and the completeness of the documentation submitted: in many cases, the entire process can take several months up to over a year for the most complex cases.

Why crypto companies choose Malta

• Clear regulatory framework: the pre‑MiCA experience and the consolidated VFA/VASP regime of the MFSA offer regulatory certainty.
• Operations in English and specialization of the local market in financial services.
• Administrative efficiency and close coordination with EU authorities to promote the single passport.

According to Gemini’s official strategy, the island facilitates access to EU markets and collaboration with local regulators, as documented by Gemini.

European context and comparison with other hubs

With the entry into force of MiCA, several member states are emerging as regulatory hubs for CASP. In this context, the landscape appears complex:

• France (AMF/ACPR): integration with traditional finance and dedicated channels for operators and professional services.
• Germany (BaFin): strict standards and particular attention to institutional custody.
• Spain (CNMV/BdE): focus on transparency for retail users and on advertising controls.
• Malta (MFSA): specialization in the crypto sector and fast procedures for the European passport in cross-border contexts.

For the EU market, the entry of large operators within the MiCA framework accelerates professionalization, positively impacting liquidity, reporting standards, and access to regulated products.

Implications for companies: operational priorities

• Gap analysis on capital, internal controls, and IT security with respect to MiCA requirements.
• Dedicated compliance team and efficient AML/KYC monitoring systems.
• Transparency policy for clients and stakeholders: communications on risks, costs, and custody methods.
• Documented governance: clear definition of roles, delegations, risk management, and continuity plans.

Those who choose Malta as a base can leverage the European passport to expand into individual countries, reducing bureaucratic duplications and maintaining a single point of oversight.

Quick FAQ

What role does the MFSA play in the MiCA process?

The MFSA is the competent authority in Malta: it evaluates the application, checks the financial and compliance requirements, and grants registration as a CASP, which represents a preliminary step towards obtaining the full license according to MiCA. For procedural details, refer to the official circular of the MFSA and the legal sector updates.

What does the European passport under MiCA allow?

The European passport allows a CASP authorized in a member state to offer services in other countries of the Union, following notification procedures and maintaining the same protection standards. The activation of the passport is regulated by European rules and requires formal notifications to the member states intended to be served.

Sources and documents