- Gemini receives Singaporean approval to offer regulated digital payments.
- Regulatory challenges in the US and Canada are driving Gemini’s global growth.
Gemini, a cryptocurrency exchange co-founded by the Winklevoss twins, has acquired in-principle approval (IPA) for a Major Payment Institution (MPI) license from Singapore’s Monetary Authority (MAS). This milestone, announced in a blog post on Tuesday, allows Gemini to offer regulated cross-border payment and digital services. It operates under Singapore’s Payment Services Act of 2019. With this approval, Gemini gains a foothold in Singapore’s financial landscape. Soon, the exchange will introduce digital payment solutions for the country’s 6 million citizens. This expansion highlights Gemini’s strategic growth beyond the United States.
Gemini’s regional hub in Asia-Pacific is Singapore, and the company has adapted its services to match the specific demands of Singaporeans. The exchange’s position in the city-state has risen to become its second-largest market in terms of consumer demographics. Gemini currently operates in over 70 countries worldwide. It places a strong emphasis on the Asia-Pacific region. Demand for digital assets and payment solutions is rapidly rising in this market.
Receiving the IPA from MAS marks a crucial turning point for Gemini. This achievement strengthens its position on the global regulatory stage. This certification signals a vote of confidence from Singapore’s regulatory authority. It underscores Gemini’s dedication to meeting rigorous compliance standards. In doing so, Gemini demonstrates its adaptability in a rapidly evolving financial landscape.
Gemini Expands in Singapore
While Singapore’s regulatory climate has been useful, Gemini has encountered difficulties in other jurisdictions. The exchange’s primary offices remain in the United States, where Gemini has faced regulatory challenges, including a lawsuit filed last year by the Securities and Exchange Commission (SEC). The SEC claimed that Gemini provided unregistered securities, triggering greater surveillance of cryptocurrency exchanges.
In October, Gemini also announced plans to shutter all Canadian customer accounts by the end of 2024. The action follows a stricter regulatory framework from the Canadian Securities Administrators (CSA), making it more difficult for crypto exchanges to operate in the nation. These changes to regulation have prompted Gemini to consider expanding in more favorable jurisdictions, with Singapore being a top priority.
The in-principle approval is a crucial step toward Gemini’s aim of creating a secure and globally compliant platform for digital assets. As the company adapts to changing regulatory landscapes, Singapore emerges as an attractive location for Gemini to expand its reach and strengthen its presence in Asia.
