Gemini has secured initial approval from Singapore’s main financial authority, the Monetary Authority of Singapore (MAS), for a Major Payment Institution (MPI) license. This approval allows Gemini to offer services such as cross-border money transfers and digital payment options under Singapore’s Payment Services Act 2019.
This green light from MAS is a major achievement for Gemini, highlighting its commitment to meeting high regulatory standards and strengthening its presence in Singapore.
Singapore has been central to Gemini’s efforts in Asia. Since establishing its regional headquarters there, the company has worked diligently to create a secure and locally tailored trading platform for users throughout the region.
Gemini views the regulations set by MAS as a good balance between supporting technological innovation and ensuring user safety. With this initial approval, Gemini is now closer to obtaining the full MPI license.
In its drive to enhance its operations in Singapore, Gemini has recently added key leaders to its team, including Saad Ahmed, who has taken on the role of Head of APAC. He has been instrumental in shaping the company’s strategy and regulatory efforts across the region.
The company is focused on expanding its team in Singapore, prioritizing the recruitment of skilled professionals to support growth while ensuring compliance with local regulations.
Over the years, Gemini has reached several significant milestones. In 2015, it became the first U.S. exchange to receive a license for cryptocurrency custody, setting a precedent in the industry. In 2018, Gemini launched its own stablecoin, the Gemini Dollar (GUSD), backed by the U.S. dollar, providing users with stability in crypto trading.
The company has also expanded globally, entering markets in the U.K. and Canada, aiming to offer secure and regulated crypto trading to a broader audience. In 2021, Gemini introduced the Gemini Earn feature, allowing users to earn interest on their cryptocurrency holdings, blending traditional finance with the world of crypto.
Gemini is also known for its robust security measures, including multi-factor authentication, offline asset storage, and insurance coverage to protect users’ funds.
However, the crypto exchange announced it will shut down Canadian accounts by the end of this year. A month ago, Gemini notified Canadian users via email that account closures will occur on December 31, giving them a 90-day window to withdraw their funds.
The shutdown follows the introduction of new regulations for crypto exchanges and platforms by Canadian financial authorities.
