Gemini shifts European HQ to Malta: Embracing the MiCA framework
US-based cryptocurrency exchange Gemini announced on 20 January 2025 that it was shifting its headquarters from Dublin to Malta. In this move, the company hopes to achieve full compliance with the Markets in Crypto-Assets (MiCA) framework, an unprecedented regulatory effort by the European Union.
Gemini’s strategic move to Malta
Founded by Cameron and Tyler Winklevoss, Gemini has been a major player in the cryptocurrency industry, providing a safe environment for the purchase, sale, and storage of digital assets. By December 2024, the company had secured its sixth Virtual Asset Service Provider registration, including a Virtual Financial Assets (VFA) Service Licence in Malta.
Malta has long been known as the “Blockchain Island” and has been a haven for fintech and crypto companies. In 2018, its government established a clear legal framework for cryptocurrencies, initial coin offerings, and blockchain-related activities by introducing the Virtual Financial Assets Act.
“Having received our Virtual Financial Assets (VFA) Service Licence in Malta in December 2024 (our sixth Virtual Asset Service Provider registration), the move will enable us to empower the next era of financial, creative, and personal freedom in Europe,” Gemini said.
NEW: 🇲🇹 We’ve chosen Malta as our hub for the Markets in Crypto-Assets (MiCA) framework.
This decision underscores our dedication to enhancing regulatory compliance and European growth.… pic.twitter.com/0TAAW88KKU
— Gemini (@Gemini) January 21, 2025
Advantages of Malta for crypto companies
Malta provides digital asset companies with several advantages, including regulatory clarity through a transparent legal framework, easy access to European markets for seamless expansion, and a supportive ecosystem with a thriving fintech community fostering innovation.
The MiCA framework, implemented in late 2024, aims to standardise crypto regulations across Europe. It addresses key issues such as transparency, consumer protection, and market integrity, providing much-needed clarity for businesses and investors.
According to a 2024 report, 39 percent of non-crypto owners mentioned regulatory uncertainty as the main reason for not investing. MiCA removes these barriers, which could further boost adoption across the region.
Ireland has been home to tech giants like Google and Facebook but has not been able to define clear cryptocurrency regulations. The exit of Gemini has raised questions about Ireland’s competitiveness in the new European crypto market.
Gemini’s move is seen as a reputational hit to Ireland. The Irish Independent reported, “A spokesperson for Blockchain Ireland, which represents Irish industry in the sector, described the move as ‘deeply concerning’ for Ireland’s place in the emerging European crypto industries, adding that jobs in the sector may now be lost.”
Gemini’s vision for Europe
Gemini is repositioning its business in its strategy to expand into 32 European states. The company ensures innovation while working under strict regulatory standards.
Mark Jennings, Gemini’s Head of Europe, emphasised the importance of regulatory developments like MiCA. He expressed hope that Malta’s approach could serve as a global model for crypto regulation.
Jennings said, “We chose Malta due to its proactive approach to fostering innovation among fintech and digital assets. The regulatory landscape in Europe is very different now than it was six years ago, which influenced our strategic considerations. We considered our options based on the countries in which we have VASP (Virtual Asset Service Provider) licences and chose the jurisdiction that best supports our growth plans. We are already planning an expansion of the team, including the recruitment of a talented local team to help boost our European expansion.”
Gemini is not alone in recognising the potential of the European market. Robinhood Crypto entered Spain on 21 January 2025, offering trading, staking, and investing services. Crypto.com recently secured in-principle approval for its MiCA licence, marking a significant milestone in its European expansion.
