 to operate in the country.The approval positions Gemini to strengthen its foothold in Singapore, which has been the center of its Asia-Pacific operations.){kind=link}
Crypto exchange Gemini has received preliminary approval from the Monetary Authority of Singapore (MAS) to operate in the country, marking a significant milestone in the company’s Asia-Pacific expansion.
The in-principle approval, granted on October 29, allows Gemini to pursue a Major Payment Institution (MPI) license. With this permission, the exchange will be authorised to provide cross-border money transfer services and digital payment tokens in Singapore.
Why is the Singapore Approval Important for Gemini?
The approval positions Gemini to strengthen its foothold in Singapore, which has served as the centre of its Asia-Pacific operations. Saad Ahmed, Head of Gemini’s Asia-Pacific arm, highlighted the strategic importance of Singapore in Gemini’s global growth plan.
“While the United States remains our largest market and global headquarters, Asia and Singapore in particular play a crucial role in our global strategy,” Ahmed noted, underscoring Gemini’s dedication to offering localized services for its Singapore-based users.
Gemini’s blog further emphasized Singapore’s role as a regional hub for the company, detailing ongoing efforts to expand its footprint in the area. Since establishing its APAC headquarters in Singapore, Gemini has focused on delivering a compliant, secure, and user-friendly trading experience.
The company believes that MAS’s regulatory framework balances innovation with consumer protection, a priority as Gemini works toward securing the final MPI license.
Gemini Opens up New Hires to Expand
Alongside regulatory advancements, Gemini has made recent hires to strengthen its leadership in the region, particularly with the appointment of Saad Ahmed, who has been pivotal in driving Gemini’s local strategies and engaging with regulatory bodies.
Additionally, Gemini continues to build its team in Singapore, recruiting top talent to support growth and compliance with MAS regulations.
This in-principle approval brings Gemini closer to providing full-fledged services in Singapore, aligning with its mission to bring regulated crypto solutions to users in APAC and beyond.