AMERICAN cryptocurrency exchange Gemini has received in-principle approval from the Monetary Authority of Singapore (MAS) for a major payment institution licence.
This licence will allow it to provide cross-border money transfer and digital payment token services, the New York-based company announced on Tuesday (Oct 29).
Gemini considers the in-principle approval a “significant milestone”, and will continue to work towards achieving the licence as part of its ongoing commitment to the Singapore market, which is its second-largest after the US in terms of customer base.
“At Gemini, we believe that the regulatory frameworks set by MAS strike a balance between fostering innovation and ensuring consumer protection,” it added.
Founded in 2014 by twins Tyler and Cameron Winklevoss, Gemini operates in around 70 countries and is actively expanding its presence in the Asia-Pacific region.
To support this growth, the company has made significant leadership appointments in recent months, including hiring Saad Ahmed as head of Asia-Pacific, driving its regional strategy and regulatory engagements.
Gemini plans to continue expanding its team in Singapore, focusing on hiring “top talent” to support growth and ensure compliance with local regulations.
“Since establishing our regional headquarters in Singapore, we have focused on expanding our footprint, ensuring that we bring a localised, secure, and compliant trading experience to users across the region,” it added.
Once it obtains the licence, Gemini will join a select group of licensed crypto exchanges here, including OKX, Independent Reserve and Coinhako. Currently, 28 licensed crypto-related companies operate in Singapore, according to MAS data.