Gemini Secures Singapore Payment License After Two-Year Wait
Crypto exchange Gemini has secured a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), allowing it to provide regulated payment services in the country.
The license was awarded to Gemini Digital Payments Singapore, its local entity, and comes after nearly two years since Gemini received an in-principle approval from MAS in October 2024.
Gemini has been serving customers in Singapore since 2020 and offers spot crypto trading, digital asset custody, and over-the-counter services. The company's President and co-founder Cameron Winklevoss said the exchange has served customers in Singapore since 2020, while CEO Tyler Winklevoss described the country as a strategic hub for serving retail and institutional clients.
The MPI license holders can provide regulated payment services without being subject to transaction-volume limits imposed on standard payment institutions. However, MAS said major payment institutions face more comprehensive regulation because their operations' scale poses greater risks.