Gemini Secures Preliminary Approval for Major Payment Institution License in Singapore

Gemini has secured preliminary approval from Singapore's central bank to expand its operations in the country.

On October 29, the Monetary Authority of Singapore (MAS) granted the exchange in-principle approval for a Major Payment Institution (MPI) license. This license will enable Gemini to offer digital payment tokens and facilitate cross-border money transfers.

Gemini views this in-principle approval as a significant step, as Singapore is a central hub for its activities in the Asia-Pacific region. The company is now focused on obtaining final approval for the MPI license.

According to Saad Ahmed, head of Gemini’s Asia-Pacific division, this move brings the exchange closer to providing tailored services for Singaporean users. He emphasized the importance of Singapore in Gemini’s global strategy, even as the U.S. remains its primary market. Ahmed also mentioned that Gemini is expanding its team in Singapore and relocating to a larger office to accommodate growth.

Should Gemini receive full MPI licensing, it will be able to exceed the $2.2 million volume cap for payment institutions and the $4.4 million monthly limit for multiple payment services. This approval would align Gemini with other U.S.-based companies like Coinbase and Ripple, which have already obtained full MPI licenses in Singapore. Coinbase received its license on October 2, 2023, while Ripple followed on October 4, 2023.