Gemini has received in-principle approval from Singapore’s Monetary Authority for a major payment institution license, marking a key step in its APAC expansion.

Cryptocurrency exchange Gemini, founded by Tyler and Cameron Winklevoss, announced it has received in-principle approval from Singapore‘s Monetary Authority for a Major Payment Institution license.

In a Tuesday blog announcement on Oct. 29, the exchange said that the approval advances its application under the Payment Services Act 2019, enabling the trading platform to offer cross-border money transfer and digital payment token services, strengthening its compliance stance in Asia-Pacific.

“As part of our ongoing commitment to this market, we are continuing to work towards achieving the MPI license.”

Gemini

The latest milestone follows a January approval from France’s Autorité des marchés financiers, where Gemini secured regulatory clearance as a virtual asset service provider. The exchange operationalized its platform in France, granting users access to trade over 70 cryptocurrencies via its web and mobile platforms, alongside its advanced ActiveTrader option.

Gemini looks to Asia as Canada’s regulations tighten

Gemini’s expansion in Europe and Asia unfolds as the exchange navigates regulatory hurdles in other regions. Earlier this month, the U.S.-based platform exited Canada, a market it once called “essential” for growth. Tightening regulatory demands prompted Gemini and other exchanges, including Binance, OKX, and dYdX, to leave Canada. Gemini informed Canadian users to withdraw funds by Dec. 31, following its earlier compliance efforts, such as pre-registering with the Canadian Securities Administrators in April 2023.

In April, the Canadian government also introduced a new Crypto-Asset Reporting Framework, set to be enforced in 2026, which will require all crypto service providers, including exchanges, brokers, and ATM operators, to report detailed transaction data annually.