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Gemini has achieved a significant milestone in its global expansion by securing In-Principle Approval (IPA) from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license, the cryptocurrency exchange said in a blog post on Tuesday.
This regulatory green light positions Gemini to offer a comprehensive suite of digital asset services, including cross-border money transfers and digital payment token services to Singapore customers.
"This marks a significant step forward in our licensing journey, in line with our commitment to operating with the highest regulatory standards and reinforces our
dedication to Singapore and the broader APAC market," Gemini said, announcing the news.
Gemini's decision to prioritize the Singapore market is strategic, given the nation's supportive regulatory framework and its position as a key financial center in Asia. The company appointed Saad Ahmed as head of APAC earlier this year to lead strategy and business development efforts in the region.
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It is also actively building its team in the city-state, with over 20 vacancies across its engineering, support, finance, and legal teams, among others.
Earlier this month, Gemini said it would close all customer accounts in Canada by the end of the year, after the country's financial authorities implemented tighter restrictions on crypto exchanges.
