Gemini Payment License in Singapore Has Now Received Approval

Key Points:

• Gemini received preliminary approval from Singapore’s Monetary Authority to offer digital payment and cross-border transfer services.
• Gemini payment license in Singapore marks a significant milestone for the exchange as it seeks to enhance its presence in Asia.

Gemini, a New York-based cryptocurrency exchange founded by twin brothers Tyler and Cameron Winklevoss, has been given in-principle approval from the Monetary Authority of Singapore to offer its services in the region.

Read more: Gemini Canadian Users Will Be Not Supported After 2024

Gemini Payment License Wins a Critical Regulatory Approval in Singapore

The announced in-principle nod of the Gemini payment license puts the company a step closer in providing services relating to digital payment tokens and also cross-border money transfers to the Singapore audience.

The Gemini payment license represents the importance of the event in which Gemini has aimed to strengthen its position in Asia. Saad Ahmed, head of Gemini’s APAC operations, underlined how important it was for the exchange to localize services for the Singaporean market, housing the exchange’s second-biggest customer base behind the United States. Operating in more than 70 countries, Gemini’s foray into Singapore fits squarely into the city-state’s strategic prominence in the cryptocurrency landscape.

Gemini Strengthens Global Presence with New Licenses

Over the years, Singapore has strengthened its regulatory framework for digital assets. In 2022, MAS granted an exemption to the Gemini Trust Company LLC on a temporary basis from holding a license to operate in the country period during which Genesis Asia Pacific, the bigger Genesis Group, was given similar in-principle approval to offer DPT services.

In addition to expanding in Asia, Gemini has also expanded its presence in Europe. In January, the French financial regulator, Autorite des Marches Financiers, granted the exchange a cryptocurrency license that further enabled the services of Gemini across Europe.

That, though, has not been left unnoticed in the competitiveness it exudes within the digital asset markets of Singapore. In August, Bitcoin.com rated Gemini as the leading exchange in Singapore, beating competitors such as Kraken, Bitget, MEXC, and Binance.