The Gemini cryptocurrency exchange has announced that it has received a MiCA license from the Malta Financial Services Authority (MFSA), allowing the company to expand its range of virtual asset services for European users.
This is reported by Finway
Licensing Details and Gemini’s Opportunities
Registration with the MFSA as a virtual asset service provider has opened new opportunities for Gemini, including the ability to offer European clients a wide range of products, including derivatives. Previously, the company obtained a MiFID II license, which also permits it to work with derivative financial instruments in this jurisdiction. Thus, Gemini can provide services in over 30 countries in Europe.
“This confirms Gemini’s long-standing commitment to adhering to the highest standards of regulatory compliance, enabling us to continue our growth in the region. We believe that clear regulation of the industry is the foundation for the global adoption of cryptocurrencies, and the implementation of MiCA has proven that Europe is one of the most innovative and advanced regions in this regard,” the company stated.
New Products and Market Competition
In June, Gemini launched tokenized stocks for European users on the Arbitrum blockchain. These tokens represent traditional stocks and are available for trading 24/7, providing flexibility and convenience compared to standard markets.
Gemini is not the only cryptocurrency exchange to have received a MiCA license. Other registered companies in Europe include Bitvavo, Kraken, Bybit, and Coinbase. This indicates an increased level of competition among leading players in the crypto market who are striving to meet European regulatory standards.
The MiCA regulation serves as the legislative framework for the crypto asset sector within the EU. The European Council approved it back in June 2023. The implementation of MiCA into the legislation of European countries is taking place in two phases and was expected to be completed by the end of 2024; however, not all states have yet adapted their rules in accordance with the regulation’s requirements.
Additionally, the company plans to conduct an initial public offering (IPO) in the near future.