Cryptocurrency exchange Gemini has secured a MiCA license, opening the door for services in the European market.
Securing MiCA License and Its Importance
On August 21, 2023, it was announced that the cryptocurrency exchange Gemini, founded by the Winklevoss twins, received a MiCA license from the Malta Financial Services Authority. This license allows the company to offer its services in 27 European Union countries and several other jurisdictions in the European Economic Area.
Impact of MiFID II Licenses on Gemini
The MiCA license was granted just months after Gemini secured a MiFID II license in May. This approval allows the exchange to offer derivative products to European clients. The combination of both licenses ensures its status as a fully regulated market participant and enhances its capabilities in handling various digital assets.
Gemini's Strategy in Context of MiCA
Gemini's leadership views the MiCA framework positively and considers it foundational for the growth of the crypto industry. The implementation of this regulation will allow for scaling services without navigating conflicting national laws. As Mark Jennings, Gemini's Head of Europe, stated, "clear regulation of the industry is the foundation of global crypto adoption."
The acquisition of the MiCA license underscores Gemini's strategy to develop in line with new European standards and establish a transparent market for crypto assets.
