Gemini secures regulatory approval in Singapore amid Asia expansion plans Gemini secures regulatory approval in Singapore amid Asia expansion plans
Singapore's welcoming regulatory landscape attracts major crypto trading platforms, including Gemini, to its shores.
2 min read
Updated: Oct. 29, 2024 at 2:35 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Crypto exchange Gemini said it has received in-principle approval from the Monetary Authority of Singapore (MAS) to provide cross-border money transfer and digital payment token services, according to an Oct. 29 statement.
The Winklevoss twins-led exchange stated that the license aligns with its broader global strategy to grow its presence, especially in the Asia-Pacific (APAC) market.
Why Singapore?
Gemini said securing a license in Singapore is an indication of its commitment to this region and to upholding top-tier regulatory standards. It added that it would continue working towards achieving the full MPI license.
The exchange stated:
“Singapore has long been the heart of our operations in APAC. Since establishing our regional headquarters in Singapore, we’ve focused on expanding our footprint, ensuring that we bring a localized, secure, and compliant trading experience to users across the region.”
Saad Ahmed, Gemini’s Head of Asia-Pacific, said that Singapore is the firm’s largest customer base outside of the US, and the regulatory approval will help fuel the company’s growth in the country.
As part of this commitment, Gemini plans to double its current workforce of 40 employees in Singapore and expand its office space to support the growing team.
Singapore’s growing crypto base
Singapore has become a regulatory leader in the crypto industry, attracting numerous digital asset companies with its supportive environment. The city-state’s clear and consistent regulations make it a preferred hub for crypto firms, allowing them to operate transparently and confidently.
The recent in-principle approval for Gemini is the latest addition to the expanding list of crypto businesses authorized to operate in Singapore.
Last month, the MAS approved the MPI license for OKX’s Singapore entity, OKX SG. Additionally, major platforms like Upbit, Ripple, and Coinbase have received MAS approval to offer services to Singaporean customers.
Presently, the country has 28 licensed crypto-related businesses, one of the highest numbers in Asia.
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Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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In this article
Gemini
Gemini is a regulated digital asset exchange and custodian that allows customers to buy, sell, store, and stake digital assets in a regulated, secure, and compliant manner.
Ripple
Ripple is a US-based technology company which develops the Ripple payment protocol and exchange network using XRP, the digital asset native to the XRP Ledger.
Coinbase
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
OKX
OKX is a world-leading digital asset exchange, providing advanced financial services to global traders by using blockchain technology.
Cameron Winklevoss, a renowned figure in the cryptocurrency sector, is a Harvard University graduate with a degree in Economics and holds an MBA from Oxford University.
Tyler Winklevoss, known for his pioneering role in the cryptocurrency realm, is a Harvard University alumnus with a degree in Economics and holds an MBA from Oxford University.