Gemini Gains Green Light From MAS For Cross-Border Crypto Transactions

Gemini has won early approval from Singapore’s top financial regulator, the Monetary Authority of Singapore (MAS). This first approval allows Gemini to start offering cross-border money transfers and digital payment token services in Singapore. This is a key move for Gemini’s plan to grow in Asia.

According to Saad Ahmed, who manages Gemini’s business in Asia, Singapore has become very important to the company’s global goals.

Gemini Intends To Establish Singapore As Its Asia-Pacific Base And Primary Center

While Gemini’s largest customer base and headquarters are still in the United States, Ahmed stated that Asia, and especially Singapore, are also very important parts of the company’s strategy.

Ahmed explained that Singapore is now Gemini’s second-largest market after the United States. Gemini currently operates in around 70 countries, but Singapore stands out as a key area with a big customer base.

As reported, Gemini’s focus on Singapore comes at a time when regulations in the United States are getting stricter. The company views Singapore as its Asia-Pacific center, with plans to make it the main hub for its business in the region. The firm is building the needed capabilities in Singapore to drive its business in Asia.

Gemini has over 40 employees in Singapore, but the company wants to grow this number soon. The plan is to double the workforce as part of Gemini’s investment in the region. According to Ahmed, Gemini is also moving to a bigger office space to make room for more team members.

This is part of Gemini’s long-term commitment to Singapore, and the company has started hiring people in jobs like compliance, engineering, product development, and finance.

Clear Regulations In Singapore May Help Grow Gemini’s Business

Ahmed also talked about future challenges, noting that the economy and world events could create uncertainty. However, he believes clear regulations in places like Singapore will help grow the company’s business. The firm is hopeful it will continue to see greater adoption across the region, showing its belief that more people in Asia will start using cryptocurrency.

Recently, OKX, another cryptocurrency exchange, received a Major Payment Institution (MPI) license from MAS. This license lets OKX provide a range of financial services, such as cross-border payments and digital token services, without any volume limits.

OKX’s new license means it can process payments beyond Singapore’s usual limit of 3 million Singapore dollars (around $2.2 million) for one service and 6 million SG$ (around $4.4 million) for multiple services.