Crypto exchange Gemini said it has received in-principle approval from the Monetary Authority of Singapore (MAS) to provide cross-border money transfer and digital payment token services, according to an October 29 statement.
The exchange led by the Winklevoss twins said the license aligns with its broader global strategy to increase its presence, particularly in the Asia Pacific (APAC) market.
Why Singapore?
Gemini said obtaining a license in Singapore is an indication of its commitment to this region and adherence to high-level regulatory standards. He added that he would continue to work towards obtaining the full MPI license.
The exchange stated:
“Singapore has long been at the heart of our APAC operations. Since establishing our regional headquarters in Singapore, we have focused on expanding our presence, ensuring we deliver a localized, secure and compliant trading experience to users in the region.
Saad Ahmed, head of Gemini’s Asia Pacific region, said Singapore is the company’s largest customer base outside the United States and the regulatory approval will help fuel the company’s growth in the country.
As part of this commitment, Gemini plans to double its current headcount of 40 employees in Singapore and expand its offices to support the growing team.
Singapore’s growing crypto base
Singapore has become a leader in regulation in the crypto sector, attracting many digital asset companies with its favorable environment. The city-state’s clear and consistent regulations make it a preferred hub for crypto companies, allowing them to operate transparently and with confidence.
Gemini’s recent in-principle approval is the latest addition to the growing list of crypto companies approved to operate in Singapore.
Last month, the MAS approved the MPI license for Singapore’s OKX entity, OKX SG. Additionally, major platforms like Upbit, Ripple and Coinbase have received approval from MAS to offer services to Singaporean customers.
Currently, the country has 28 licensed crypto-related businesses, one of the highest numbers in Asia.
