Singapore's Monetary Authority has granted Gemini a Major Payment Institution license covering digital payment token and cross-border transfer services. The approval lets the exchange keep offering spot trading, custody, and over-the-counter services to retail and institutional customers in the city-state.
Gemini Clears Singapore's Major Licensing Hurdle
The MAS Financial Institutions Directory lists Gemini Digital Payments Singapore Pte. Ltd. as a Major Payment Institution authorized to provide digital payment token and cross-border money transfer services. The approval keeps retail and institutional customers accessing Gemini's regulated digital asset services in a market it has served since 2020.
Gemini announced the license on Sept. 8. Co-founder Cameron Winklevoss said: "Securing the MPI license from MAS validates our commitment and investment into Singapore." Major payment institutions can offer regulated services without the transaction-volume limits that apply to standard payment institutions, under Singapore's Payment Services Act 2019.
Singapore Tightens Rules While Attracting Crypto Firms
The license lands as regulators refine protections across Singapore's digital asset market. MAS proposed changes on Sept. 1 that would ban interest payments on qualifying MAS-regulated stablecoins while adding stress tests, recovery plans, and wind-down arrangements.
Gemini joins other firms using Singapore as a regional base under this framework. MAS previously granted an expanded license to Ripple's Singapore subsidiary, broadening the services it can offer involving digital payment tokens. Exchanges and infrastructure providers including Coinbase, Okx, Bitgo, and Anchorage had already established a presence in the city-state by early 2025.
Gemini Expands Trading, Custody, and OTC Services
Gemini currently provides spot trading, custody, and OTC services in Singapore. OTC trading lets large transactions get negotiated privately at a single price instead of passing through a public exchange order book, which can limit price disruption and slippage.
CEO and co-founder Tyler Winklevoss called Singapore central to the company's regional strategy, describing it as a natural strategic hub given the city-state's regulatory framework and status as a leading global financial center.
Source: Bitcoin.com News
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