Gemini receives preliminary approval from Singapore's Central Bank
October 29, 2024
On October 29, the Monetary Authority of Singapore (MAS) granted crypto exchange Gemini a principal approval for obtaining a Major Payment Institution (MPI) license.
This will allow the platform to provide digital payment token services and cross-border money transfers in the region.
Gemini noted that receiving this preliminary approval is a significant step, as Singapore plays a strategic role as the "hub" of its operations in the Asia-Pacific region.
Expansion plans
The Head of Gemini's Asia-Pacific division stated that the company is now one step closer to offering localized services that meet the needs of users in Singapore.
The executive also emphasized that while the United States remains the exchange's largest market, Asia, and Singapore in particular, are key to Gemini’s global strategy.
Gemini's presence in the region
The platform also plans to further expand its team in Singapore, actively seeking new talent. To accommodate this, the company plans to move to a larger office, underscoring its long-term commitment to the country's market.