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Gemini Secures In-Principle Approval for Investment Firm License in Malta
Gemini has secured in-principle approval from Malta’s financial regulator for an investment firm license, marking a significant step in its European expansion, according to a recent statement shared with CryptoSlate.
European Expansion
This regulatory milestone aligns with Gemini’s broader strategy to establish a stronger European foothold.
The exchange plans to use Malta as its primary base for its Markets in Crypto-Assets (MiCA) application. A full MiCA license would enable Gemini to provide compliant and secure crypto services throughout the region.
Obtaining the full investment firm license would also allow Gemini to offer regulated futures and options under the Markets in Financial Instruments Directive (MiFID II), expanding its offerings to include perpetual futures trading across Europe, catering to growing institutional and retail demand.
Regulatory Milestone
Mark Jennings, Head of Europe at Gemini, described this approval as a crucial step in the company’s long-term vision. He highlighted the increasing demand for crypto derivatives, particularly among institutional investors, as the market matures.
Gemini also emphasized that this regulatory progress will enhance its service offerings. The perpetual futures will complement its existing products, including its spot exchange, ActiveTraderTM, OTC desk, and eOTC trading systems.
Industry Trends
Gemini’s expansion reflects a larger trend of crypto firms strengthening their European presence.
Over the past months, major exchanges, including Coinbase, Kraken, Crypto.com, and OKX, have announced plans to enter or expand in the region ahead of MiCA’s full implementation.
MiCA, adopted by the European Union in 2023, is the first regulatory framework for digital assets in a major economic bloc.
The framework is designed to standardize regulations across the EU by enhancing consumer protections and reducing regulatory fragmentation. It would also make it easier for crypto firms to operate across multiple jurisdictions under a single regulatory order.
Mentioned in this Article
This article mentions Gemini, a cryptocurrency exchange, and its plans to expand its operations in Europe. It also mentions other major exchanges, such as Coinbase, Kraken, Crypto.com, and OKX, and their plans to enter or expand in the region.
Conclusion
Gemini’s in-principle approval for an investment firm license in Malta marks a significant step in its European expansion. The company’s plans to use Malta as its primary base for its MiCA application and its subsequent full MiCA license would enable it to provide compliant and secure crypto services throughout the region. This regulatory milestone reflects a larger trend of crypto firms strengthening their European presence, and Gemini’s expansion will likely contribute to the growth of the region’s crypto market.
FAQs
What is MiCA?
MiCA (Markets in Crypto-Assets) is the first regulatory framework for digital assets in a major economic bloc, adopted by the European Union in 2023.
What are the benefits of MiCA?
MiCA aims to standardize regulations across the EU, enhancing consumer protections and reducing regulatory fragmentation, making it easier for crypto firms to operate across multiple jurisdictions under a single regulatory order.
What is the significance of Gemini’s in-principle approval for an investment firm license in Malta?
Gemini’s in-principle approval for an investment firm license in Malta marks a significant step in its European expansion, enabling the company to provide compliant and secure crypto services throughout the region.
How will Gemini’s regulatory progress enhance its service offerings?
Gemini’s regulatory progress will enhance its service offerings, including its spot exchange, ActiveTraderTM, OTC desk, and eOTC trading systems, with the addition of perpetual futures trading across Europe, catering to growing institutional and retail demand.
