Gemini Secures In-Principle MPI License Approval in Singapore

Gemini Strategic Expansion: MPI License Approval and Future Prospects

Gemini, a leading American cryptocurrency exchange, has achieved a significant regulatory milestone in Singapore. On October 29, the Monetary Authority of Singapore (MAS) granted Gemini in-principle approval for a Major Payment Institution (MPI) license, allowing the exchange to provide digital payment tokens and cross-border money transfer services.

Expansion in Asia-Pacific Region

Gemini's approval from MAS is pivotal for its Asia-Pacific expansion, with a focus on Singapore, a key player in their global strategy. Head of Asia-Pacific operations, Saad Ahmed, emphasized their commitment to growing their local team and office space. If fully approved, Gemini's MPI license will allow them to exceed Singapore's payment volume limits, joining Coinbase and Ripple.

• Gemini received in-principle approval for a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).

• The approval allows Gemini to offer digital payment tokens and cross-border money transfer services in Singapore.

• Saad Ahmed, head of Gemini’s Asia-Pacific operations, emphasized the strategic importance of Singapore in Gemini’s global strategy.

• Gemini plans to expand its local team and move to a larger office space in Singapore.

• Full approval of the MPI license will enable Gemini to exceed volume limits for payment services in Singapore.

• Gemini aims to join other U.S.-based companies like Coinbase and Ripple that have received full MPI licenses in Singapore.

Future Prospects and Market Impact

Gemini’s entry into the Singapore market comes amid regulatory challenges in its home country, the United States. The exchange has faced a series of legal hurdles due to regulatory uncertainty, prompting its exploration of more favorable markets such as Singapore. The city-state currently ranks as Gemini’s second-largest market after the U.S. in terms of customer base.

The approval also aligns with Singapore’s broader efforts to become a global crypto hub. Recently, MAS granted regulatory approval to Paxos for issuing stablecoins, further solidifying Singapore’s position in the cryptocurrency industry.

Ahmed noted that despite the potential volatility due to the upcoming U.S. presidential election and macroeconomic conditions, Gemini remains optimistic about the continued growth of the global crypto industry. Regulatory clarity in key markets like Singapore is expected to drive growth and adoption in the region.