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Cryptocurrency exchange Gemini is moving one step closer to becoming a fully licensed platform in Singapore after securing an in-principal approval from the country’s financial regulator.

According to an October 29 announcement from Gemini, the exchange has received the in-principle approval, which will allow the exchange to remain operational in Singapore, as it moves towards receiving the Major Payments Institution (MPI) license.

The Monetary Authority of Singapore (MAS) grants in-principle licenses to fims looking to register as a fully licensed financial institution looking to offer a broad range of payment services within Singapore, such as digital payment token (DPT) services, domestic and cross-border money transfers, merchant acquisition, and e-money issuance.

The review period also allows the applicant time to comply with local regulations which includes adhering to anti-money laundering (AML) and countering the financing of terrorism (CFT) obligations.

Among other requirements, licensed entities are also required to ensure customer protection measures, and demonstrate strong operational risk management practices.

DPT providers are also required to segregate customer assets, keep proper records, and conduct risk assessments to ensure that investors understand the risks involved.

While Gemini can start offering some of its services as part of the preliminary approval, it will be required to operate within a monthly volume cap of  3 million Singapore dollars, roughly $2.26 million. 

As of press time, Gemini was ranked as the 12th largest cryptocurrency exchange in-terms of market capitalisation per Coinstats.

Founded in 2014 by entrepreneurs Tyler and Cameron Wiklevoss, the exchange is currently available to users in over sixty countries covering regions such as North America, Europe, Asia, Oceania, and Africa.

The in-principal approval marks another milestone for the exchange’s expansion into the Asia Pacific region, with Singapore being the exchange’s “heart” of operations. The announcement added:

“At Gemini, we believe that the regulatory frameworks set by MAS strike a balance between fostering innovation and ensuring consumer protection. As part of our ongoing commitment to this market, we are continuing to work towards achieving the MPI license.”

Gemini already has a strong footing in Singapore and where it eastablished its office as early as 2019. Currently the country houses the compnay’s APAC region hedqaurters where it plans to expand its local team.

Singapore is among the most crypto-forward nations globally, where locals have demonstrated a strong preference for utilising cryptocurrencies in practical, everyday applications, extending well beyond trading and revenue generation alone.

In its September 2024 report, Chainalysis found that the crypto received by merchants in the region hit close to $1 billion in value in just the second quarter of 2024.

This trend is notable because Chainalysis claim’s the nation already boasts an efficient retail fiat payment system that allows real-time payments.

Further, residents were also actively using decentralised finance applications, which are typically more complex and require a degree of technical understanding to navigate.

With such an engaged market Singapore has become a key market for crypto-focused service providers all across.

Gemini, for instance, is the latest United States based firm to receive a license following other players like Ripple and Coinbase which have previously secured full operational licenses in the country.

Last month, crypto exchange OKX received its MPI license from Singpore’s regulator, while the month before, crypto custody services provider BitGo secured the same approval.

The influx of foreign crypto companies into Singapore’s market began after the introduction of the Payment Services Act in January 2020, which required DPT service providers to apply for licensing with MAS. 

In 2024, MAS expanded the PSA further to regulate additional crypto-related services, such as custodial wallet provisions and cross-border token transmission.

The post Gemini gets initial nod to offer crypto services in Singapore appeared first on Invezz

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