Gemini Secures MAS Approval for Major Payment Institution License in Singapore

Gemini has received In-Principle Approval (IPA) from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license. This approval enables the company to offer cross-border money transfer and digital payment token services in Singapore.

With its regional headquarters established in Singapore, Gemini has positioned the country as a vital hub for its Asia-Pacific operations. The company is dedicated to localizing its services to create a compliant and secure trading platform for users in the region.

To bolster its operations across the APAC region, Gemini has expanded its leadership team. Notably, Saad Ahmed has been appointed as Head of APAC, where he is focusing on regional strategy and regulatory compliance. Earlier this year, the company also received approval from the French regulator to launch its services in France, as reported by Finance Magnates.

This move allows Gemini to broaden its offerings to both retail and institutional clients in the European market. Gillian Lynch, Head of EU at Gemini, emphasized the importance of this approval for the company’s growth in Europe.

This expansion comes at a time of increased scrutiny of the crypto industry by U.S. regulators, including the Securities and Exchange Commission (SEC), which has prompted Gemini to explore opportunities in the EU’s more defined regulatory landscape.

Gemini’s strategy aligns with the regulatory standards set by the Monetary Authority of Singapore, aiming to strike a balance between innovation and consumer protection. The company intends to pursue full MPI licensing to further support its expansion in the region.

“We continue to grow our team in Singapore, with a focus on hiring top talent to support our continued growth and ensure compliance with local regulations,” stated Gemini.