Gemini Crypto Exchange Moves Closer to Full Licensing in Singapore
Gemini, a major U.S.-based crypto exchange, has secured in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license, marking a significant step forward in expanding its footprint in Asia.
On October 29, MAS granted Gemini preliminary approval, allowing the platform to offer digital payment tokens and cross-border money transfer services in Singapore. This milestone reinforces Singapore’s status as a strategic hub for Gemini’s Asia-Pacific operations, which the company regards as ”the heart” of its activities in the region.
Gemini’s Asia-Pacific head, Saad Ahmed, emphasized the importance of this development, noting that the license would enable the company to provide tailored services for Singaporean users. ”While the U.S. remains our largest market and global headquarters, Asia—and Singapore, in particular—is central to our strategy,” he stated. The exchange is actively expanding its Singapore-based team and is set to relocate to a larger office, highlighting its long-term commitment to the country.
If Gemini’s MPI license is fully approved, the exchange will gain permission to exceed the standard transaction volume limits for licensed institutions, including surpassing the SGD $3 million monthly cap for payments and the $4.4 million combined cap for multiple services.
Singapore has become an attractive destination for crypto companies, with other U.S.-based exchanges like Coinbase and Ripple previously securing full MPI licenses. Gemini’s continued expansion in Singapore reflects its aim to capitalize on the growing demand for digital financial services across Asia.
Featured image from: cointelegraph.com