Gemini Crypto Exchange Moves Closer to Full License in Singapore with Key Approval
Crypto exchange Gemini may finally have something to cheer about in Singapore after the Monetary Authority of Singapore (MAS) granted the firm preliminary approval for a Major Payment Institution (MPI) license. The in-principle approval, as reported in an official blogpost, came on Tuesday, October 29th, allowing Gemini to offer certain services within the country. Those include digital payment tokens and cross-border money transfers. Singapore’s Central Bank Gives Nod of Approval to Gemini It might be worth mentioning that Gemini has always viewed Singapore as a central hub for its Asia-Pacific operations. This explains why it has continued to work tirelessly with the MAS as it bids to secure the full MPI license. According to the firm, bagging the fill license would enable it to spread its tentacles, while also cementing its place as an early bird in the country’s fast-growing crypto market. The recent approval has also drawn a reaction from Saad Ahmed, who leads Gemini’s operations in the Asia-Pacific region. Ahmed expressed excitement at the approval, noting that though the United States remains Gemini’s largest market, Singapore also is a key part of its global expansion plans. Furthermore, he shared that plans to onboard more local talents into the company are currently underway. So, as the team continues to expand, it must also be up to speed with plans such as moving into a larger office space to accommodate the changes. Company May Soon Join Coinbase, Others It might be worth mentioning that getting approval for the full MPI license in Singapore is no small work. However, should Gemini lay its hands on this license, then it becomes one of a small group of U.S.-based crypto firms to have the same. This means that it follows in the footsteps of Coinbase, Ripple, and a very few others that have also been granted the high-level license in the country. Coinbase and Ripple both received their licenses in October last year, with their status as industry giants highlighting the country’s appeal to international crypto businesses. The full MPI license would grant Gemini significant operational freedom, allowing the exchange to exceed existing volume limits for payment institutions.
