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 Oct. 29 statement.
The Winklevoss twins-led exchange stated that the license aligns with its broader global strategy to grow its presence, especially in the Asia-Pacific (APAC) market.
Why Singapore?
Gemini said securing a license in Singapore is an indication of its commitment to this region and to upholding top-tier regulatory standards. It added that it would continue working towards achieving the full MPI license.
The exchange stated:
“Singapore has long been the heart of our operations in APAC. Since establishing our regional headquarters in Singapore, we’ve focused on expanding our footprint, ensuring that we bring a localized, secure, and compliant trading experience to users across the region.”
Saad Ahmed, Gemini’s Head of Asia-Pacific, said that Singapore is the firm’s largest customer base outside of the US, 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 workforce of 40 employees in Singapore and expand its office space to support the growing team.
Singapore’s growing crypto base
Singapore has become a regulatory leader in the crypto industry, attracting numerous digital asset companies with its supportive environment. The city-state’s clear and consistent regulations make it a preferred hub for crypto firms, allowing them to operate transparently and confidently.
The recent in-principle approval for Gemini is the latest addition to the expanding list of crypto businesses authorized to operate in Singapore.
Last month, the MAS approved the MPI license for OKX’s Singapore entity, OKX SG. Additionally, major platforms like Upbit, Ripple, and Coinbase have received MAS approval to offer services to Singaporean customers.
Presently, the country has 28 licensed crypto-related businesses, one of the highest numbers in Asia.