Crypto exchange Gemini has announced it secured in-principle approval from Malta Financial Services Authorities, with the pre-authorization bringing the exchange a step closer to fresh expansion in Europe.

Mark Jennings, Gemini’s head of Europe, shared the regulatory milestone in a blog post on Feb. 11.

According to Jennings, the Investment Firm license, which remains pending full authorization by the MFSA, will allow Gemini to offer regulated futures and options products across the European Union and the European Economic Area once fully approved.

The license will enable Gemini to operate under the Markets in Financial Instruments Directive (MiFID II), a key regulatory framework governing investment services in the EU.

“Receiving in-principle approval for an Investment License is a key milestone in our commitment to providing a best-in-class offering for retail and institutional investors. Interest in crypto derivatives, particularly from institutions, has increased significantly in recent years, as crypto matures into a recognised asset class,” Jennings noted.

While Gemini’s licensing process is through Malta’s financial markets regulator, the license will apply across the EU. This comes as multiple exchanges and crypto platforms seek regulatory approval under the Markets in Crypto Assets rules that cut across the EU. 

Several major crypto companies have already received MiCA licenses, including Crypto.com and Bitpanda, which secured approvals in January from regulators in Malta and Germany, respectively. Other platforms that have obtained MiCA approvals include OKX, Circle, Bullish Group, and Boerse Stuttgart Digital.

Gemini is set to join these firms, with its in-principle approval coming after the exchange designated Malta as its EU hub and MiCA application country. Meanwhile, recent reports suggest Gemini is eyeing an IPO.