Gemini Receives In-Principle Approval From The MAS For An MPI License

Gemini recently announced that it has received In-Principle Approval (IPA) from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license. According to the company, the approval will allow it to provide international money transfers and digital payment token services in Singapore.

Gemini Takes The Next Step Toward Receiving A MPI License in Singapore

Prior to receiving the IPA, Gemini established a regional headquarters in Singapore, which will act as the headquarters for its entire Asia-Pacific (APAC) operation. It also makes Singapore the core part of its future plans.

The firm has decided to prioritize localizing its services in order to deliver a secure and regulatory-compliant trading platform that would serve all users in the region.

Furthermore, the exchange also expanded its leadership team in order to improve and strengthen its operations in the APAC region. One of the recent appointments includes Saad Ahmed, who became the new Head of APAC. Ahmed is focused on Gemini’s regional strategy and is in charge of ensuring that the platform achieves regulatory compliance.

In its announcement on X, Gemini said that receiving the license marks a significant step forward in its licensing journey and that it is in line with its commitment to operating with the highest regulatory standards.

Gemini Seeks To Expand Its Presence In Europe

Before getting the license in Singapore, however, Gemini received approval from the French regulators, which also happened earlier this year. The approval allowed it to start offering its services in France, but it also allowed it to expand its offerings to both retail and institutional clients in the European market.

The exchange’s Head of EU, Gillian Lynch, stated that this is an extremely significant development for the platform and its efforts to expand throughout Europe. The move is even more important given that the scrutiny for the crypto industry has been increasing sharply over the last several months in the US.

The US securities regulator, the Securities and Exchange Commission’s (SEC) crackdown on crypto companies prompted Gemini to seek opportunities in the EU, where the regulatory environment is clearer.

The firm should also have no major issues in Singapore, given that its approach aligns with the MAS’ regulatory standards. In Singapore, the regulator aims to balance innovation with consumer protection, and as long as the companies strive to achieve this balance, they have a chance of becoming licensed and approved to do business in the country.

Moving forward, Gemini intends to continue working toward getting a full MPI license to support its growth in the region. It will also seek to hire top local talents to support its continued growth and ensure compliance with regulations.