Main Points：
- Gemini has secured a MiCA license from Malta’s MFSA, enabling services across 30+ European jurisdictions under the EU’s new regulatory framework.
- The MiCA approval complements its earlier MiFID II license, granting access to both crypto and derivatives markets.
- The firm has launched innovative products—such as tokenized stocks on Arbitrum—for 24/7 trading in Europe.
- Gemini filed for a Nasdaq IPO (ticker “GEMI”), alongside strategic partnerships and coping with financial losses in H1 2025.
- Malta’s proactive licensing has drawn scrutiny from ESMA for potentially lax oversight, raising concerns about regulatory consistency.
- Overall, Gemini positions itself as a compliance-first expansionary force in Europe’s maturing crypto ecosystem, balancing innovation and structure.
1. A Pan-European Regulation Leap: MiCA License Unlocks 30+ Markets
Gemini, the cryptocurrency exchange founded by the Winklevoss twins, has received a MiCA (Markets in Crypto‑Assets Regulation) license from the Malta Financial Services Authority (MFSA). This approval now enables Gemini to offer crypto services—including trading, custody, staking, and tokenized assets—across more than 30 European countries under a unified regulatory framework.
Earlier in May, Gemini had obtained a MiFID II license, paving the way for offering regulated derivatives within the EU. Together, the two licenses equip Gemini with the legal foundation to deliver both basic and complex crypto‑financial products across the region.
2. Product Innovation: Tokenized Stocks & Beyond
In June, building upon regulatory momentum, Gemini launched tokenized stocks on the Arbitrum blockchain—such as shares of MicroStrategy (MSTR)—enabling European users 24/7 trading. The combination of MiCA and MiFID II authorizations allows Gemini to seamlessly bridge traditional finance (derivatives, equities) and DeFi-native services.
Figure 1: (Image above showing the MiCA approval symbolic graphic should appear here.)
3. Strategic Milestone: Nasdaq IPO and Capital Flow
Gemini has also filed for a Nasdaq Global Select Market IPO under the ticker “GEMI,” signaling an intention to access public capital markets. Despite reporting a net loss of $282 million in H1 2025—with revenue at $68.6 million, trading volume at $24.8 billion, and assets under management at $18.2 billion—the firm sees the IPO, backed by Goldman Sachs and Citigroup, as a strategic move to strengthen its balance sheet.
To support liquidity and operations, Gemini secured a credit facility with Ripple for up to $150 million, reinforcing its institutional partnerships.
4. Regulatory Scrutiny: Malta’s Oversight Under Watch
While Malta has emerged as a go‑to jurisdiction for MiCA licensing—approving firms including Gemini, Crypto.com, OKX, Bitpanda, and ZBX—its approach has drawn criticism. The European Securities and Markets Authority (ESMA) flagged concerns about insufficient risk assessment in MFSA’s licensing processes, warning that such lax oversight may undermine regulatory consistency across the EU.
This scrutiny forms part of a broader debate on whether Europe needs stronger centralized supervision—possibly by empowering ESMA—in order to avoid uneven enforcement and preserve investor trust.
5. Why It Matters: Compliance-Led Innovation in a Fragmented Crypto World
As the EU continues implementing MiCA gradually through 2026, Gemini’s licensing puts it at the forefront of European crypto firms adopting compliant business models. Analysts see this as a strategic advantage in a region where regulatory clarity is becoming a competitive edge.
This contrasts sharply with the U.S., where sector-wide regulations remain fragmented. For providers and investors seeking credible, compliant platforms, Gemini’s regulatory-first approach may resonate strongly.
Conclusion: A High-Stakes Bet on Regulatory Clarity Driving European Crypto Growth
Gemini’s MiCA license from Malta is far more than bureaucratic success—it is a regulatory passport to pan-European expansion. Alongside MiFID II approval, tokenized asset innovation, and an IPO in the works, Gemini blends compliance, product agility, and institutional appeal to stake its claim in Europe’s crypto future.
However, financial pressures persist, and questions around Maltese oversight linger. Still, for readers and practitioners scouting new crypto revenues and block‑chain applications, Gemini’s trajectory signals that success may hinge as much on regulatory alignment as on technical prowess.
