- Gemini received in-principle approval from Singapore’s MAS for a major payment institution license.
- The MPI license would enable Gemini to provide regulated cross-border transfers and digital payment services in Singapore.
The cryptocurrency exchange Gemini, led by the Winklevoss Twins, has received In-Principle Approval (IPA) from the Monetary Authority of Singapore (MAS) for its Major Payment Institution (MPI) license.
According to Tuesday’s announcement via a blog post, the crypto exchange gained the green light under Singapore’s Payment Services Act 2019, which will allow the platform to provide secure and regulated cross-border money transfer and digital payment services. Additionally, Winklevoss Twins’s exchange can be able to offer digital payment solutions to Singapore’s 6 million residents via the current in-principle approval.
By receiving this IPA, Gemini expanded its footprint in one of its largest markets outside of the U.S. Since establishing a regional hub in Singapore, Gemini has prioritized localizing its offerings to the unique needs of its customers in the region.
Now, Singapore has become Gemini’s second-largest customer base in terms of demographics. Still, Gemini operates in over 70 countries globally, particularly in the Asia-Pacific region.
Gemini’s Regulatory Hurdles
Despite its international expansion, Gemini’s primary operations and headquarters remain in the United States, where it has encountered regulatory hurdles. Notably, the U.S. Securities and Exchange Commission (SEC) sued Gemini last year, alleging the exchange had offered unregistered securities.
Further, earlier in October, announced the closure of all customer accounts in Canada by the end of 2024. The decision comes as the Canadian Securities Administrators (CSA) stricter regulations for crypto exchanges and trading firms’ operations in the country.
These regulatory challenges have prompted the crypto exchange to explore opportunities in more welcoming jurisdictions, with Singapore standing out as a key market.
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