Gemini, the cryptocurrency exchange founded by US billionaires Tyler and Cameron Winklevoss, is reportedly on the verge of securing a licence under the EU’s Markets in Crypto-Assets (MiCA) regulation via Malta – a move that could grant it access to operate across the 27-member bloc.

Sources familiar with the matter told Reuters that Gemini’s application is advancing quickly, drawing scrutiny from other European regulators concerned about the speed and rigour of licensing in some jurisdictions.

Malta, the EU’s smallest member state, has already approved licences for OKX and Crypto.com, and its approach has reportedly been under review by the European Securities and Markets Authority (ESMA).

Under MiCA, national regulators issue licences that are valid across the EU, prompting fears of a “regulatory race to the bottom” if standards differ significantly between countries.

Gemini recently relocated its European headquarters from Ireland to Malta, citing the island’s “proactive approach to fostering innovation among fintech and digital assets.”

The Maltese Financial Services Authority (MFSA) has actively positioned itself as a regulator of choice for crypto firms, attracting major industry players beyond Gemini. This stands in contrast to Ireland, where the regulatory landscape has been described as less proactive.

Cherise Abela Grech, a Partner responsible for the Corporate, Financial Services and Competition Law practices at GTG Legal, had told WhosWho.mt in January that Malta’s early adoption of crypto-specific legislation in 2018, gave it a head start over other EU states now adapting to MiCA.