Gemini Secures Singapore License for Regulated Crypto Services
Gemini, a US-based cryptocurrency exchange, has secured a Major Payment Institution license from the Monetary Authority of Singapore (MAS) to provide regulated cryptocurrency and cross-border transfer services in the country.
The approval process took almost two years to complete, with Gemini receiving an in-principle approval from MAS in October 2024. As part of this approval, Gemini was required to satisfy several conditions before being granted a full license.
Gemini's Singapore entity, Gemini Digital Payments Singapore Pte Ltd (GDPSPL), is now authorized to provide digital payment token services and cross-border money transfers under the Payment Services Act. The company will operate without standard transaction-volume limits but must comply with broader regulatory obligations in Singapore.
The license allows Gemini to serve retail and institutional customers, offering spot cryptocurrency trading, custody, and over-the-counter services. This expansion is part of Gemini's regional strategy, with the company describing Singapore as a strategic hub for serving these customer segments.