The European Union (EU) has, in recent times, managed to position itself as a magnet for crypto firms owing to its regulatory clarity around the digital assets sector. This week, the Gemini crypto exchange added to the list of crypto companies that have secured their MiCA licenses to legitimize and expand their operations in the region.
Announcing the development, the New York-based exchange said that it acquired its MiCA approval via the Malta Financial Services Authority (MFSA). As per EU’s crypto guidelines, crypto firms can obtain this license from any of its member countries and use it to operate across the region.
“The MiCA regulatory framework is crucial for standardising crypto laws throughout EU member states. Receiving this approval marks a critical milestone in our regulated European expansion,” the exchange owned by twins — Cameron and Tyler Winklevoss said.
Gemini further asserted that the EU is among a key international market, expanding where gives direct access across 30 nations and jurisdictions.
In Europe, MiCA stands for “Markets in Crypto-Assets Regulation” — which is a comprehensive set of regulations that oversee the digital assets sector across the EU. The rules that clarify the operational, legal, and regulatory mandates for Web3 firms, entered into complete effect last year.
In recent months, a number of international crypto firms including Bitpanda, OKX, Crypto.com, have rushed to acquire their respective MiCA licenses.
Gemini itself, secured EU’s “Investment Firm” licence to offer derivatives under MiFID II (Markets in Financial Instruments Directive) in May. The exchange launched tokenized stocks representing company shares in the region.