Gemini Wins MPI License in Singapore After 23-Month Restructuring
Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, has secured a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). This comes after a 23-month restructuring process, which included moving customers to a newly incorporated entity, Gemini Digital Payments Singapore Pte. Ltd.
The MPI license allows Gemini to offer spot trading in digital assets, custody services, and over-the-counter trading to customers in Singapore under the city-state's Payment Services Act. This is a significant milestone for Gemini, which has been operating in Singapore since 2020.
Cameron Winklevoss, Gemini's president and co-founder, stated that securing the MPI license validates their commitment and investment into Singapore. He described Singapore as 'a natural strategic hub' given its regulatory framework and status as a leading global financial center.