Gemini Secures Major Regulatory Approval in Singapore
Gemini, the prominent cryptocurrency exchange, has achieved a significant milestone by obtaining In-Principle Approval (IPA) from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license. This approval, announced in a blog post on Tuesday, allows Gemini to broaden its digital asset services within Singapore, marking a pivotal moment in its global expansion strategy.
With this regulatory endorsement, Gemini is now positioned to offer a wide array of digital asset services, including cross-border money transfers and digital payment token services. The company expressed its commitment to adhering to the highest regulatory standards and emphasized its dedication to both Singapore and the broader Asia-Pacific (APAC) market.
“This marks a significant step forward in our licensing journey,” Gemini stated, highlighting the importance of Singapore’s supportive regulatory framework and its status as a key financial hub in Asia. The firm has strategically prioritized the Singapore market, appointing Saad Ahmed as the director of APAC earlier this year to spearhead regional strategy and business development.
Saad Ahmed played a pivotal role in securing Gemini’s recent In-Principle Approval (IPA) from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license. As the Head of Asia-Pacific, appointed earlier this year, Ahmed has been instrumental in driving the company’s regional strategy and enhancing its regulatory relationships in Singapore.
Under his leadership, Gemini has focused on expanding its operations in Singapore, which is recognized as the firm’s largest customer base outside of the United States. Ahmed’s efforts have been crucial in navigating the regulatory landscape and ensuring that Gemini adheres to local compliance standards. His previous experience at Grab, a leading South Asian super app, has equipped him with valuable insights into regional market dynamics and regulatory frameworks.
In addition to regulatory advancements, Gemini is actively expanding its operational footprint in Singapore. The company is currently seeking to fill over 20 positions across various departments, including engineering, support, finance, and legal.
This move follows Gemini’s recent investment of $24 million in India to enhance its operations there, including the expansion of its development center in Gurgaon.
However, the company also announced plans to close all customer accounts in Canada by the end of the year due to tightening regulations imposed by Canadian financial authorities on cryptocurrency exchanges.
As Gemini continues to navigate the evolving landscape of cryptocurrency regulation, its latest approval in Singapore underscores its commitment to growth and compliance within one of Asia’s most dynamic markets.
Angel Marinov is the Managing Editor at Coinlabz. With extensive knowledge of crypto payments and blockchain use cases, Angel is a trusted source of accurate and timely information
