- Gemini has scored a regulatory win in Singapore.
- The development came after the exchange exited Canada a month ago.
- Gemini said the win was important for its global expansion efforts.
Crypto exchange Gemini has received preliminary approval for a key license issued by the Monetary Authority of Singapore (MASA), underscoring its commitment to compliance despite previous regulatory hurdles.
The move followed the Winklevoss-owned exchange’s unexpected exit from Canada on September 30, a few days after the Canadian Securities Administrators (CSA) updated its guidelines for Crypto Trading Platforms (CTPs).
Gemini Shifts Focus to Asia
According to a press release dated October 29, Singapore’s MAS has granted Gemini in-principle approval (IPA) for a Major Payment Institution (MPI) license to provide cross-border money transfer and digital payment token services under the Payment Services Act 2019.
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Noting that it was pursuing a full MPI license, Gemini said it focused on expanding its footprint in Singapore because the crypto regulatory frameworks set by MAS balanced innovation and consumer protection in the nascent digital asset industry.
“The issuance of the IPA is a significant milestone that underscores our commitment to operating with the highest regulatory standards and reinforces our dedication to the Singapore market,” the statement read.
Gemini confirmed that it had significant leadership hires in recent months to complement its expansion goals in Singapore and the broader Asia-Pacific (APAC) region. This includes the recruitment of its APAC Chief Saad Ahmed and a local team in Singapore, which it plans to expand with “top talent” to support continued growth and compliance with domestic regulations.
Today’s development marked Gemini’s second major regulatory win. It came after the exchange received official authorization from the Autorite des marches financiers (AMF), allowing it to launch regulated virtual asset services in France.
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