Cryptocurrency exchange Gemini has recently secured in-principle approval for its application for a Large Payment Institution license in Singapore, aligning with its strategic objective of growing its presence in Asia.
In an official announcement made on October 29, Gemini disclosed that it obtained In-Principle Approval (IPA) from the Monetary Authority of Singapore (MAS), the region’s regulatory body for financial services.
“We are excited to share that Gemini has received In-Principle Approval (IPA) from the Monetary Authority of Singapore (MAS) for our application for a Major Payment Institution (MPI) license under the Payment Services Act 2019. This will enable us to offer international money transfer and digital payment token services,” the statement said.
The company highlighted that acquiring the IPA represents a pivotal achievement for Gemini, reflecting its commitment to upholding the highest regulatory standards while reinforcing its focus on the Singapore market. Gemini emphasized the significance of Singapore, noting that it has long served as the cornerstone of its operations in the Asia-Pacific region. “Since launching our regional headquarters in Singapore, we have concentrated on broadening our footprint, ensuring we deliver a localized, secure, and compliant trading experience for users throughout the region.”
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The exchange also reaffirmed its ongoing commitment to the market and its intention to continue pursuing the MPI license. During this announcement, Gemini underscored its strategic growth in the region, highlighting its importance.
“As we advance our expansion in APAC, we have made noteworthy leadership appointments in recent months, including Saad Ahmed as Head of APAC, who has played a crucial role in shaping our regional strategy and regulatory initiatives. Furthermore, we are actively enhancing our team in Singapore, with a focus on attracting top talent to support our growth and ensure adherence to local regulations.”
It is important to recall that last year, Gemini announced plans to expand its operations in Singapore to tap into the Asian market, aiming to explore opportunities beyond the United States.
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