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"Receiving this approval marks a critical milestone in our regulated European expansion, as it will allow us to offer secure and reliable crypto across all 30 European countries and jurisdictions, unlocking a vastly larger market," Gemini Head of Europe Mark Jennings said in a Wednesday (Aug. 20) blog post.
The MiCA regulatory framework standardizes crypto laws in European Union member states, creating an opportunity for the region's crypto ecosystem to "flourish sustainably," Jennings said.
Jennings added in the post that Gemini received an Investment Firm license to offer derivatives under the EU's Markets in Financial Instruments Directive II (MiFID II) in May and launched tokenized stocks in the region in June.
"Today's announcement cements Gemini's long-standing dedication to upholding the highest standards of regulatory compliance, which has allowed us to continue growing in the region," Jennings wrote in the post. "We believe that clear regulation of the industry is the foundation of global crypto adoption, and MiCA's implementation has proven that Europe is one of the most innovative and forward-thinking regions regarding this."
PYMNTS reported in March that the MiCA policy framework shapes the operational realities of some of the world's largest crypto companies in one of the world's biggest economic regions.
Formally approved in mid-2023 and set to be implemented in phases through 2024 and 2025, MiCA aims to streamline crypto operations while creating stringent licensing requirements, capital reserves mandates and clear consumer protection obligations.
When crypto exchange Coinbase secured a MiCA license in Luxembourg in June, it said this is a milestone that enables it to offer crypto products and services to the 450 million people in the EU member states.
"This milestone marks a significant step and enables us to operate under a unified, regulated crypto environment in one of the largest economic regions in the world, while solidifying Coinbase's position as a global leader in regulatory compliance and innovation," Daniel Siefert, vice president and regional managing director, EMEA at Coinbase, wrote in a June 20 blog post.