Gemini Secures Major Payment Institution License in Singapore

U.S.-based cryptocurrency exchange Gemini has secured a Major Payment Institution (MPI) license from Singapore's Monetary Authority, allowing it to expand its services in the country. This approval enables Gemini to provide digital payment token and cross-border money transfer services in Singapore.

The MPI license comes with stricter regulations, including enhanced customer fund protection requirements, which are in place due to the greater risks associated with larger-scale operations.

Gemini already offers spot cryptocurrency trading and custody services in Singapore to both retail and institutional clients.