Gemini has received a Major Payment Institution [MPI] licence from the Monetary Authority of Singapore [MAS].
The exchange will now have a stronger regulatory foothold in one of Asia’s financial hubs.
Gemini gains full approval in Singapore
The licence was granted on September 8 to Gemini Digital Payments Singapore, which covers its business in the country.
An MPI licence allows the company to operate as an approved payment services provider in Singapore, without the low transaction limit that smaller payment institutions may face.
As part of this, Gemini must continue to meet its Singapore rules across the area of customer protection, financial crime, and operational controls.
Gemini already provides spot crypto trading in the country, allowing customers to buy and sell digital assets at current market prices, in addition to providing custody and over-the-counter services.
It does not specify which of those products Gemini directly placed under its recent licence or whether it plans on bringing out further services.
Cameron Winklevoss, Gemini’s president and co-founder, said:
Securing the MPI licence from MAS validates our commitment and investment into Singapore.
His brother and Gemini CEO Tyler Winklevoss described Singapore as a strategic centre for the company. He added that the licence leaves Gemini well placed to serve retail and institutional customers.
Singapore remains central to Gemini’s Asian plans
Gemini has been active in Singapore, providing service to their customers for years now. The exchange has continued increasing its services for cryptocurrency service providers, as their demand has increased across Asia.
Getting the licence does not mean MAS guarantees Gemini’s products or guards customers against market losses. But what it does is show that the company now has official permission to operate under the applicable regulatory scheme in Singapore.
This impact is immediately regulatory than product-bound when fully operationalised. Gemini can continue building its Singapore business with the MPI approval.
Final Summary
- Gemini’s Singapore entity gets major payment institution licence from MAS
- It offers spot trading, custody, and over-the-counter services in the country.