Gemini, a leading cryptocurrency exchange in the U.S., is taking steps to comply with new cryptocurrency rules in Europe by opening a hub in Malta. This decision supports the new European Markets in Crypto-Assets (MiCA) framework, which aims to better regulate the crypto industry across the European Union (EU). Gemini Yet to Get License from Maltese Regulators The MiCA framework sets clear rules for crypto assets, focusing on protecting investors, ensuring market honesty, and maintaining financial stability. By choosing Malta as its base, Gemini aims to follow MiCA’s guidelines and operate within the EU’s regulated environment. Malta, known as the “Blockchain Island,” has been a popular jurisdiction for crypto businesses because of its friendly rules and clear licensing procedures. The country creates regulations that support blockchain innovation, making it an attractive location for global companies like Gemini that want to navigate Europe’s complex rules. However, while Gemini has worked to follow regulations, it has yet to receive the official MiCA license from the Maltese financial regulators. This license is important for Gemini because it would allow the platform to operate legally across the EU under the MiCA framework. Expansion into Europe Reach With Key Appointments Recently, Gemini hired a new senior management team to manage operations in Europe. Mark Jennings was appointed the new Head of Europe at Gemini. Daniel Slutzkin was also appointed as the U.K. Head at Gemini. Slutzkin will help strengthen Gemini’s presence in the U.K., which is important for the company’s plans in Europe. Also, Vijay Selvam is now the International General Counsel at Gemini. Meanwhile, the crypto exchange founded by the Winklevoss twins focuses on building a strong, user-friendly platform that complies with regulations. As the crypto market grows in Europe, the exchange wants to meet the needs of its diverse users in the region. Intriguingly, Singapore is also a key part of Gemini’s Asia-Pacific strategy. The Monetary Authority of Singapore (MAS) granted Gemini an in-principle approval for a Major Payment Institution (MPI) license. EU MiCA Finally Comes Into Effect It is worth noting that MiCA legislation took full effect on December 30, 2024. The detailed regulatory framework mandates that stablecoins must be issued by entities licensed for electronic money. Additionally, stablecoin issuers like Circle and Tether must hold reserves in independent banks and track transactions. While Circle has aligned itself to fulfill the requirements, Tether is undecided. The largest stablecoin issuer is concerned about crypto regulation’s effect on USD-pegged stablecoins . Many entities in the crypto industry also think that MiCA’s introduction could leave the market at risk. The post Gemini Sets Up EU Hub in Malta to Align with MiCA Rules appeared first on TheCoinrise.com .
