What Gemini’s relocation means for Malta’s financial sector

Malta’s reputation as a fintech and crypto-friendly jurisdiction has received a significant boost following Gemini’s decision to relocate its European headquarters from Ireland to Malta.

The cryptocurrency exchange, founded by US billionaires the Winklevoss twins, cited Malta’s “proactive approach” to fintech regulation as a key factor behind the move.

The decision raises questions about Ireland’s ability to retain its status as a prime destination for digital asset firms. The Irish Central Bank has been slow to implement the Markets in Crypto Assets Regulation (MiCA) framework, which has been enforceable across the EU since early 2025. Despite this, the bank only recently began recruiting consultants to develop its approach to the new regulations, with expectations that it will be fully aligned by late spring or summer.

Industry leaders in Malta see this relocation as a vote of confidence in the country’s fintech ecosystem. Business leaders, including Bank of Valletta (BOV) CEO Kenneth Farrugia and FinanceMalta Chief Operating Officer Graziella Grech, have shared their insights with MaltaCEOs.mt on what Gemini’s move means for the local financial services sector.

A vote of confidence in Malta’s Fintech sector

Both Mr Farrugia and Ms Grech view Gemini’s relocation as an endorsement of Malta’s well-established fintech ecosystem.

Mr Farrugia highlighted that Malta already has a thriving technology sector, particularly within the gaming industry, which has fostered expertise that naturally extends into fintech and virtual financial assets.

“This is undoubtedly a welcomed development and endorses Malta’s strong value proposition as a jurisdiction for fintech operators as well as for those involved in virtual financial assets,” he said.

Ms Grech echoed this sentiment, pointing to Malta’s early adoption of crypto-friendly legislation, such as the Virtual Financial Assets Act (VFA) and the Malta Digital Innovation Authority Act, introduced in 2018. She stated that Gemini’s decision “is not only an affirmation of Malta’s strengthening reputation as a top financial hub but also shows how the country’s crypto-friendly laws provide all the needed legal clarity sought by cryptocurrencies and blockchain companies.”

Will more crypto and fintech firms follow?

Industry leaders believe that Gemini’s relocation could pave the way for more fintech and crypto companies to establish operations in Malta.

Mr Farrugia noted that Malta was one of the first European jurisdictions to introduce legislation regulating virtual assets, and its ongoing legislative advancements will likely attract further investment.

“The impending new legislation covering virtual assets and Malta’s experience in this regard is positioning the country as a jurisdiction of choice for both virtual financial assets and supporting fintech operations,” he said, adding that Gemini’s move “paves the way for other operators seeking to exploit the opportunities that the new legislation will provide to follow suit.”

Ms Grech also expects this move to strengthen Malta’s appeal. “We are very confident that Gemini’s move to Malta is already sending a very positive signal in the industry and should continue to bolster the country’s growing appeal as a hub for this growing sector and other emerging industries,” she stated.

FinanceMalta’s role in attracting fintech investment

One of the key players in promoting Malta as a financial services hub is FinanceMalta. Ms Grech outlined the organisation’s role in showcasing Malta’s strengths on an international stage, noting that it has been actively engaging with the fintech sector through events and roadshows.

Ms Grech added that last year, FinanceMalta organised 50 local and international events and roadshows, and this year, they already have 38 new events lined up.

“FinanceMalta will be focusing on sectors such as aircraft leasing, insurance, sustainable investments, family offices, fintech, AI, capital markets, wealth management, banking, and financial institutions,” she concluded.