Gemini secured In-Principle Approval from Singapore’s Monetary Authority for a Major Payment Institution license, allowing it to offer expanded digital asset services in Singapore.
The cryptocurrency exchange Gemini announced in a blog post on Tuesday that it has secured In-Principle Approval (IPA) from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license, marking a significant milestone in its global expansion.
The regulatory green light granted to Gemini enables the company to provide a comprehensive suite of digital asset services, such as cross-border money transfers and digital payment token services, to consumers in Singapore.
“This marks a significant step forward in our licensing journey, in line with our commitment to operating with the highest regulatory standards and reinforces our dedication to Singapore and the broader APAC market,” Gemini stated when the announcement was made.
Given the nation’s supportive regulatory framework and its status as a critical financial hub in Asia, Gemini’s decision to prioritize the Singapore market is strategic. Saad Ahmed was appointed as the director of APAC by the company earlier this year to oversee the region’s strategy and business development initiatives.
It is also in the process of expanding its team in the city-state, with more than 20 job openings in its engineering, support, finance, and legal teams, among other areas.
Gemini has previously invested $24 million in India to expand its operations in the country, including the expansion of its development center in Gurgaon, as part of its strategy to expand its presence in the Asia-Pacific region.
Gemini announced earlier this month that it would terminate all customer accounts in Canada by the end of the year in response to the stricter regulations imposed by the country’s financial authorities on cryptocurrency exchanges.
