SUMMARY

• Gemini obtained preliminary approval for an MPI license in Singapore, enhancing its ability to offer cross-border transfers and crypto payment services in the region.
• The exchange is expanding its Singapore operations, hiring Saad Ahmed as APAC head and focusing on growth and compliance efforts.

The Monetary Authority of Singapore (MAS) has given its preliminary approval to Gemini, the cryptocurrency exchange founded by Tyler and Cameron Winklevoss, for its Major Payment Institution (MPI) permission application. Gemini is now able to provide cryptocurrency payment and cross-border cash transfer services thanks to this in-principle clearance. The business stressed how important Singapore has been to its Asia-Pacific (APAC) operations, and this latest move shows that it is committed to expanding its footprint in the area.

In a statement released on Tuesday, Gemini highlighted its commitment to the Singapore market. “Since setting up our regional headquarters in Singapore, we’ve focused entirely on extending our services to bring a secure and compliant trading experience to users across the region,” the platform noted. The firm has effectively developed its local team, prioritizing roles that comply with and provide support as part of its larger Asia expansion strategy.

Gemini made this announcement after appointing Saad Ahmed as its APAC chief in January. Ahmed was hired to spearhead the company’s main initiatives in the area. He had previously held a senior role at Uber and Grab. In light of evolving international rules, the MPI license is expected to strengthen Gemini’s ability to provide reliable financial services inside a regulatory framework, which has become increasingly important to the cryptocurrency sector.

Singapore was mentioned as a key base when the corporation first declared its plan to increase its presence in Asia in June of last year. This move comes as cryptocurrency firms are looking for growth prospects outside of the US, where regulators have recently focused more on the industry. Gemini hopes to capitalize on the growing need for regulated offerings by establishing itself as a reliable supplier of crypto services in the area through its expansion initiatives.

Gemini stressed that its recruitment efforts in Singapore are still ongoing, with a focus on acquiring compliance experts and individuals with a development mindset. By providing a more specialized and tailored user experience, the company sees the MPI license as a crucial step in further establishing itself in the APAC region.

This preliminary endorsement underscores MAS’s acknowledgment of Gemini’s operations and paves the way for full licensure. As the crypto exchange works toward final endorsement, it remains steadfast on building partnerships and guaranteeing smooth service delivery across its Asian markets. With the upcoming regulatory system in place, Gemini is well-positioned to meet both local and regional needs as demand for crypto solutions continues to develop.