On Oct. 29, Gemini, a leading cryptocurrency exchange, received in-principle approval from Singapore’s Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license. This milestone will allow Gemini to offer digital payment tokens and cross-border money transfer services in the country.
Significance of the In-Principle Approval
This approval is a significant step for Gemini, as it strengthens the exchange’s presence in Singapore, a key market in the Asia-Pacific (APAC) region. The exchange has long viewed Singapore as the “heart” of its APAC operations, and this development brings it closer to fully operating in the region with more localized services.
Gemini’s Saad Ahmed, head of the exchange’s Asia-Pacific arm, highlighted that Singapore plays a crucial role in the company’s global strategy, alongside its primary market in the United States. He also noted that Gemini is expanding its team in Singapore, even relocating to larger office spaces to accommodate this growth.
What the MPI License Means for Gemini
The Major Payment Institution license (MPI) will allow Gemini to surpass certain volume limits that apply to payment institutions in Singapore. Specifically, with the MPI license, Gemini would be able to:
- Exceed the 3 million SGD ($2.26 million) monthly limit for digital payment token services.
- Surpass the 6 million SGD ($4.4 million) monthly limit for firms providing two or more types of payment services.
This gives Gemini much more flexibility to scale its operations within Singapore and the wider Southeast Asian market.
Gemini’s Ongoing Commitment to Singapore
Gemini’s continued expansion in Singapore comes as part of the company’s broader efforts to grow its global presence. The exchange is actively looking for new talent to join its growing team in Singapore, reflecting its commitment to the region.
Ahmed added that Gemini’s Singapore office is growing quickly, underscoring its long-term commitment to both the city-state and the broader APAC region.
Gemini Joins Other U.S. Firms in Singapore
If the full MPI license is granted, Gemini will join other well-established U.S.-based crypto companies like Coinbase and Ripple, which have also received full MPI licenses from MAS. Coinbase was granted its full license on Oct. 2, 2023, followed by Ripple’s approval just two days later, on Oct. 4, 2023.
This trend of U.S. crypto firms securing regulatory approval in Singapore is part of a broader push to establish a stable and compliant presence in Asia, a region with rapidly growing crypto adoption.
Next Steps for Gemini
While Gemini has secured in-principle approval, the company still needs to complete the process for final approval. This will include meeting any additional regulatory requirements set by the Monetary Authority of Singapore. Once fully licensed, Gemini will be able to offer a broader range of services, further cementing its position as a leading exchange in the APAC region.
