Gemini Secures Major Milestone in European Expansion with MiFID II Licence
1min read Cryptocurrency exchange Gemini has secured a significant milestone in its expansion into the European market. The company has received in-principle approval for an Investment Firm licence from the Malta Financial Services Authority (MFSA), allowing it to offer regulated crypto derivatives, including perpetual futures, across the European Economic Area (EEA).
Gemini's new licence under the Markets in Financial Instruments Directive (MiFID II) will enable the exchange to provide regulated options and futures products in the EEA. Perpetual futures contracts, which do not have an expiry date, are among the key products the crypto exchange plans to introduce in the region. The company aims to offer these derivatives to both retail and institutional investors, expanding its market presence.
Mark Jennings, Gemini’s Head of Europe, expressed his enthusiasm about the growing interest in crypto derivatives, particularly from institutions, as crypto matures into a recognised asset class. He emphasised Gemini's commitment to providing a best-in-class offering for retail and institutional investors.
Gemini's expansion in Europe is not limited to this licence. The exchange has selected Malta as its European hub and obtained a Virtual Financial Assets (VFA) Service Licence from the Maltese regulator. This licence allows it to operate under the Markets in Crypto-Assets (MiCA) framework and enables the exchange to offer various crypto services. Gemini also holds a similar licence in France.
The MiFID II licence, once fully granted, will complement the VFA licence, allowing Gemini to provide derivative products legally across the EEA. This move aligns with the trend of crypto exchanges increasingly entering the derivatives market as demand for such products rises. Several firms, including Coinbase and Kraken, have recently obtained MiFID II licences to offer similar services in the region.
