Gemini crypto exchange has been granted in-principle approval for a Major Payment Institution license in Singapore.
Gemini, a cryptocurrency exchange, has been granted preliminary sanction by Singapore’s central bank to provide certain services.
The Monetary Authority of Singapore (MAS) granted in-principle approval to the crypto exchange for a Major Payment Institution (MPI) license on Oct. 29. This license will enable the organization to offer cross-border money transfer services and digital payment tokens.
In an announcement, the exchange stated that the in-principle approval is a significant milestone for the company, as Singapore has been the “heart” of its operations in the Asia Pacific region.
The exchange stated that it would persist in securing the ultimate approval for the MPI license.
Gemini’s expansion in Singapore Continues
In a report, Saad Ahmed, the head of Gemini’s Asia-Pacific arm, stated that the exchange is getting closer to providing localized services tailored to its users’ requirements in Singapore. Ahmed stated:
“While the United States remains our largest market and global headquarters, Asia and Singapore in particular play a crucial role in our global strategy.”
The executive also stated in the report that the exchange team in Singapore is expanding and seeking additional talent. Ahmed also mentioned that they are currently relocating to a larger office space to facilitate the expansion of the local team at the exchange. This move is a testament to their long-term dedication to Singapore.
Singapore is magnet for crypto enterprises
The exchange will be permitted to exceed the volume limits for payment institutions in the country if Gemini’s complete MPI license is approved. Licensed firms can exceed the volume limit of $2.2 million for a payment service. However, it would also enable Gemini to surpass the $4.4 million monthly limit for two or more payment services.
If Gemini is approved, the exchange will join other United States-based companies, such as Ripple and Coinbase, that have previously received full MPI licenses in Singapore. Coinbase received its complete MPI license on Oct. 2, 2023, and Ripple received its full license from MAS on Oct. 4, 2023.
