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 said the license aligns with its broader global strategy to grow its presence, especially in the Asia-Pacific (APAC) market.
Why Singapore?
Gemini said obtaining a license in Singapore is indicative of its commitment to this region and maintaining the highest regulatory standards. It added that it would continue to work towards obtaining 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 have focused on expanding our footprint to provide users across the region with a localized, secure and compliant trading experience.”
Saad Ahmed, head of Gemini’s Asia Pacific, said Singapore is the company’s largest customer base outside 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 its growing team.
Singapore’s growing crypto base
Singapore has become a regulatory leader in the crypto industry and is attracting numerous digital asset companies with its supportive environment. The city-state’s clear and consistent regulations make it a favorite hub for crypto companies, allowing them to operate transparently and with confidence.
The recent in-principle approval for Gemini is the latest addition to the growing list of crypto companies authorized to operate in Singapore.
Last month, the MAS approved the MPI license for OKX’s Singapore entity, OKX SG. Additionally, major platforms such as Upbit, Ripple and Coinbase have received MAS approval to offer services to Singaporean customers.
Currently, the country has 28 licensed crypto-related companies, one of the highest numbers in Asia.