Cryptocurrency exchange Gemini announced that it has received in-principle approval from the Monetary Authority of Singapore (MAS) to provide cross-border remittance and digital payment token services, according to a statement on October 29.
The Winklevoss twins-led exchange said the license is in line with its broader global strategy to increase its presence in the Asia-Pacific (APAC) market in particular.
Why Singapore?
Gemini said securing the license in Singapore demonstrates its commitment to the region and upholding top-level regulatory standards. It added that it will continue to strive towards achieving a full MPI license.
The exchange read as follows:
“Singapore has been at the heart of our Asia Pacific operations for many years. Since establishing our regional headquarters in Singapore, we have ensured a localized, secure and compliant trading experience for our users across the region. We have been focusing on expanding our footprint to provide this.”
Gemini's head of Asia Pacific, Saad Ahmed, said Singapore is the company's largest customer base outside the US and the regulatory approval will help accelerate the company's growth in the country.
As part of this initiative, Gemini plans to double its current workforce of 40 employees in Singapore and expand its office space to support its growing team.
Singapore’s ever-growing virtual currency infrastructure
Singapore has become a regulatory leader in the crypto industry, attracting more digital asset companies due to its supportive environment. The city-state's clear and consistent regulations have made it a preferred location for crypto companies, allowing them to operate with transparency and confidence.
Gemini's recent in-principle approval is the latest addition to the growing list of crypto businesses allowed to operate in Singapore.
Last month, MAS approved the MPI license for OKX's Singapore subsidiary, OKX SG. Additionally, major platforms such as Upbit, Ripple, and Coinbase have been approved by MAS to serve customers in Singapore.
There are currently 28 licensed crypto-related businesses in the country, one of the highest numbers in Asia.
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