Crypto exchange Gemini received preliminary approval from Singapore’s central bank to offer some of its services in the country.
On Oct. 29, the Monetary Authority of Singapore (MAS) granted in-principle approval to Gemini for a Major Payment Institution (MPI) license, allowing the organization to provide digital payment tokens and cross-border money transfer services.
In an announcement, Gemini said that getting the in-principle approval is a milestone as Singapore has been “the heart” of its operations in the Asia-Pacific region.
The exchange said it would continue to work toward final approval for the MPI license.
Gemini continues Singapore expansion
Saad Ahmed, the head of Gemini’s Asia-Pacific arm, said in a report that the exchange is now closer to offering localized services that cater to the needs of their users in Singapore. Ahmed said:
“While the United States remains our largest market and global headquarters, Asia and Singapore in particular play a crucial role in our global strategy.”
The executive also said in the report that the Gemini team based in Singapore is growing and looking for more talent. “We are also in the middle of our move to a larger office space to accommodate Gemini’s growing local team, a testament to our long-term commitment to Singapore,” Ahmed added.
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If Gemini’s full MPI license is approved, the exchange will be allowed to exceed volume limits for payment institutions in the country. Licensed firms can surpass a payment service’s 3 million Singapore dollar ($2.26 million) monthly volume limit. It would also allow Gemini to exceed the $4.4 million monthly limit for two or more payment services.
If Gemini is approved, the exchange will join other United States-based companies like Coinbase and Ripple, which previously received full MPI licenses in Singapore.
On Oct. 2, 2023, Coinbase received its full MPI license , with Ripple receiving its full license from MAS on Oct. 4, 2023.
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