As a seasoned researcher with a keen interest in the dynamic world of cryptocurrencies and fintech, I find it fascinating to witness the strategic expansion of established players like Gemini into key markets such as Singapore. Having spent a significant part of my career studying the intricacies of financial regulations across various jurisdictions, I appreciate the significance of securing regulatory approval in each market.
crypto trading platform, Gemini, has been given initial authorization by the Monetary Authority of Singapore (MAS) to provide certain of its features within the country’s borders.
On October 29th, the Monetary Authority of Singapore (MAS) gave an initial green light to Gemini for a full Payment Institution (MPI) license. This approval will enable the company to offer digital currency transactions and international money transfers.
According to Gemini’s recent statement, securing in-principle approval marks a significant achievement for the company since Singapore serves as the central hub for their operations within the Asia Pacific area.
The exchange said it would continue to work toward getting the final approval for the MPI license.
Gemini continues Singapore expansion
According to Saad Ahmed, the leader of Gemini’s Asia-Pacific division, the platform is moving towards providing tailored services specifically for its Singaporean users, as stated in a recent report. In simpler terms, this means that Gemini is getting ready to offer services designed to meet the unique needs of its users based in Singapore.
“While the United States remains our largest market and global headquarters, Asia and Singapore in particular play a crucial role in our global strategy.”
Ahmed, in the report, mentioned that the Gemini team stationed in Singapore is expanding and seeking additional talent. Furthermore, we are currently transferring to a bigger office location to facilitate the growth of our local Gemini team, demonstrating our ongoing dedication to Singapore.
Singapore attracts crypto companies
If the full Multi-Payment Institution (MPI) license is granted to Gemini, it means they will be authorized to process transactions beyond the payment institution’s volume limits in the country. For licensed firms, this allows them to go over the $2.2 million limit for a single payment service. Additionally, if approved, Gemini could also handle more than $4.4 million in transactions each month for two or more payment services.
Should Gemini be granted approval, it will follow in the footsteps of U.S. companies like Coinbase and Ripple, who have previously secured full MPI licenses in Singapore. Specifically, Coinbase received its complete MPI license on October 2, 2023, while Ripple obtained theirs from MAS on October 4, 2023.
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2024-10-29 14:32