Gemini Secures Preliminary Regulatory Approval in Singapore, Plans Regional Expansion
Cryptocurrency exchange Gemini has received in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license, marking a significant milestone in its Asia-Pacific expansion strategy. The approval will enable the New York-based exchange to provide cross-border money transfer and digital payment token services in Singapore.
The development is particularly noteworthy as Singapore represents Gemini’s second-largest market globally by customer base, trailing only the United States. Saad Ahmed, Head of APAC at Gemini, emphasized the strategic importance of the region, stating, “While the United States remains our largest market and global headquarters, Asia and Singapore in particular play a crucial role in our global strategy.”
As part of its commitment to the Singapore market, Gemini is significantly scaling up its local presence. The exchange currently maintains a team of over 40 professionals in Singapore and plans to double this workforce in the near term. The expansion plans include relocating to larger office space and hiring across various departments, including compliance, engineering, product, and finance.
The regulatory approval comes at a time when Gemini is actively diversifying its global footprint. Earlier this year, the Winklevoss twins-led exchange secured approval from France’s Autorité des marchés financiers, enabling it to operate as a virtual asset service provider in Europe. These expansionary moves coincide with increasing regulatory scrutiny in other markets, notably the United States, where authorities have intensified oversight of the cryptocurrency sector.
If granted full MPI license status, Gemini would join other U.S.-based firms like Coinbase and Ripple, which received their complete licenses from MAS in early October 2023. The full license would allow Gemini to exceed the standard monthly volume limits for payment institutions in Singapore, currently set at 3 million Singapore dollars ($2.26 million) for a single payment service.
