A cryptocurrency exchange has recently been granted a Markets in Crypto-Assets Regulation license in Malta, marking a significant step towards expanding its operations in Europe. The Malta Financial Services Authority issued this license, enabling the exchange to provide cryptocurrency products to customers across over 30 European countries.
This achievement follows a recent application by the exchange to list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol GEMI. The approval from Malta is seen as a testament to the exchange’s dedication to adhering to regulatory standards within Europe.
In addition to the new license, the exchange also holds a Markets in Financial Instruments Directive (MiFID II) license, which was acquired in May. This particular license allows for the offering of derivatives products within the European market, further broadening the company’s reach and capabilities.
The exchange emphasizes the importance of clear regulatory frameworks as essential for the global adoption of cryptocurrencies. It believes that the implementation of the MiCA regulation demonstrates Europe’s innovative approach to cryptocurrency regulation, positioning the region as forward-thinking in the industry.
However, recent financial reports indicate that the exchange faced substantial losses amounting to $282.5 million in the first half of 2025. This is a significant increase from a loss of $41.4 million recorded during the same period the previous year. Revenue has also seen a decline, falling from $74.3 million to $68.6 million. Despite the challenges, the number of monthly transacting users saw a slight increase to 523,000, although trading volume experienced a drop to $24.8 billion. The total assets on the platform remained consistent at $18.2 billion, illustrating a stable asset base even amid fluctuating revenue and trading activity.
As the exchange progresses towards going public, the situation presents a contrast to other cryptocurrency firms that have recently enjoyed successful market debuts.