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Gemini obtains a Major Payment Institution license from the Monetary Authority of Singapore, enhancing its crypto service offerings in the region. The license enables Gemini Digital Payments Singapore to operate digital payment token and cross-border money transfer services without standard transaction-volume limits.
License Details and Regulatory Requirements
The Monetary Authority of Singapore (MAS) granted the Major Payment Institution (MPI) license to Gemini’s local entity. This marks the completion of Gemini’s transition from in-principle approval nearly two years ago. The MAS Financial Institutions Directory confirms that Gemini is now authorized to provide digital payment token services and cross-border money transfers. Holders of the MPI license can offer regulated payment services without the transaction-volume restrictions that apply to standard payment institutions. However, they are subject to stricter regulations due to the larger scale and potential risks of their operations.
Strategic Importance for Gemini
Gemini has been active in the Singapore market since 2020. Co-founders Cameron and Tyler Winklevoss emphasize Singapore’s strategic significance for their operations. Cameron Winklevoss highlights the existing customer base in the region, while Tyler Winklevoss labels the country as a key hub for retail and institutional services. The exchange provides a range of services, including spot crypto trading, digital asset custody, and over-the-counter transactions in Singapore.
Transition and Future Prospects
Gemini’s recent full licensing follows the in-principle approval granted in October 2024. In April 2025, Gemini migrated its Singapore clients from Gemini Trust Company, which had been operating under an exemption, to its locally incorporated entity. This transition was a step towards securing the final approval from MAS. The company has not yet disclosed further strategic plans following the license acquisition.
Frequently Asked Questions
What services can Gemini offer with the new license?
The Major Payment Institution license allows Gemini Digital Payments Singapore to provide digital payment token services and cross-border money transfers without standard transaction-volume limits.
When did Gemini receive in-principle approval for this license?
Gemini received in-principle approval from the Monetary Authority of Singapore in October 2024.
Why It Matters
The acquisition of a Major Payment Institution license by Gemini underscores Singapore's growing prominence as a favorable regulatory environment for crypto businesses, particularly in the Asia-Pacific region. This move not only enhances Gemini's operational capabilities but also positions the exchange to compete more effectively in a market that is increasingly focused on compliant and secure digital finance solutions. As global interest in cryptocurrencies continues to rise, regulatory approvals like this could set a precedent for other firms seeking to expand their services in similarly regulated jurisdictions.
