Crypto Exchange Gemini Secures Major Payment Institution License in Singapore for Crypto Services
Crypto exchange Gemini has officially received a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), completing a process initiated nearly two years ago with an in-principle approval. The license enables Gemini's local entity, Gemini Digital Payments Singapore, to offer digital payment token services and cross-border money transfers without the transaction-volume limits applied to standard payment institutions.
License Acquisition and Company Capabilities
On Wednesday, Gemini announced that the license was granted to its local entity, Gemini Digital Payments Singapore. The MAS Financial Institutions Directory now lists the firm as authorized to provide digital payment token services and cross-border money transfers.
MPI license holders are allowed to operate regulated payment services without the transaction volume limits imposed on standard payment institutions. Nevertheless, MAS imposes stricter regulatory requirements on major payment institutions due to the higher risks presented by their scale of operation.
Background and Importance for Gemini
Gemini President and co-founder Cameron Winklevoss stated that the exchange has been serving customers in Singapore since 2020. CEO Tyler Winklevoss described Singapore as a strategic hub for serving both retail and institutional clients.
In addition to spot crypto trading, Gemini offers digital asset custody and over-the-counter services in the Singapore market.
The Monetary Authority of Singapore initially gave in-principle approval to Gemini's application in October 2022. In April 2023, Singaporean customers were migrated from Gemini Trust Company, which operated under an exemption, to the locally incorporated Gemini Digital Payments Singapore while the firm completed its preparations for final licensing.
Why it matters
The news is significant as obtaining the Major Payment Institution license in Singapore solidifies Gemini's standing as a regulated crypto service provider in a key Asian financial hub. It allows the company to offer comprehensive payment services without transaction volume limits, building trust among both institutional and retail clients, and fostering the growth of the crypto industry in the region amid tightening regulations.
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