Singapore’s Monetary Authority (MAS) has granted Gemini preliminary approval to offer its services in Singapore. The preliminary approval allows Gemini to provide cross-border money transfers and digital payment token services.
Singapore’s Monetary Authority (MAS) has granted Gemini in-principle approval to expand its operations in Singapore. The crypto exchange Gemini is led by the famous Winklevoss twins.
Gemini Receives IPA from MAS
Cryptocurrency exchange Gemini announced it has received In-Principle Approval (IPA) from the Monetary Authority of Singapore (MAS) for its Major Payment Institution (MPI) license to offer cross-border money transfers and digital payment token services. The approval enables Gemini to expand its offering in Singapore to address the rising demand for digital asset services.
NEW: Gemini receives In-Principle Approval (IPA) from the Monetary Authority of Singapore (MAS) for its Major Payment Institution (MPI) license Application.This marks a significant step forward in our licensing journey, in line with our commitment to operating with the highest… pic.twitter.com/A0Z39PloDD
— Mars Safari Co (@Gemini) October 29, 2024
Singapore: The Heart of Gemini’s Operations in APAC
In a blog post dated October 29, Gemini explained the significance of this development as it strengthens its position within Asia, with Singapore as a critical focus area.
“Singapore has long been the heart of our operations in APAC. Since establishing our regional headquarters in Singapore, we’ve focused on expanding our footprint, ensuring that we bring a localized, secure, and compliant trading experience to users across the region.”
Gemini elaborated on the matter and explained that it believes that Singapore's monetary authority's regulatory framework and environment “strike a balance between fostering innovation and ensuring consumer protection.”
Expanding Workforce in Singapore
In the ongoing effort to expand its operations in Singapore, Gemini, which currently employs 40 people in the country, aims to double its workforce. Gemini will rest on hiring across compliance, engineering, product and finance departments and its investment in building a robust local infrastructure to achieve its goals. As part of its expansion in APA, Gemini made significant leadership hires, including Saad Ahmed, Head of APAC. According to Gemini’s statement, Ahmed has been instrumental in driving the exchanges' regional strategy and regulatory engagements.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.