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

Gemini Prioritizes Localized Services

Gemini established its regional headquarters in Singapore, positioning the country as a core part of its Asia-Pacific operations. The company has prioritized localizing its services to deliver a compliant and secure trading platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term for users in the region.

Gemini has also expanded its leadership team to strengthen its operations across APAC. Recent appointments include Saad Ahmed as Head of APAC, who has focused on Gemini's regional strategy and regulatory compliance Compliance In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a Read this Term.

NEW: Gemini receives In-Principle Approval (IPA) from the Monetary Authority of Singapore (MAS) for its Major Payment Institution (MPI) license Application.

This marks a significant step forward in our licensing journey, in line with our commitment to operating with the highest… pic.twitter.com/A0Z39PloDD

— Gemini (@Gemini) October 29, 2024

Earlier this year, Gemini received approval from the French regulator to begin its services in France, as reported by Finance Magnates. This development enables Gemini to expand its offerings to both retail and institutional clients in the European market. Gillian Lynch, Head of EU at Gemini, noted the significance of this approval for the company’s expansion in Europe.

This expansion occured amid increasing scrutiny of the crypto industry by US regulators, including the Securities and Exchange Commission (SEC), prompting Gemini to seek opportunities in the EU’s clearer regulatory environment.

Expanding Singapore Team

The company’s approach aligns with the Monetary Authority of Singapore’s regulatory standards, aiming to balance innovation with consumer protection. Gemini plans to continue working toward full MPI licensing to support its growth 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,” Gemini stated.