Gemini Secures Key License in Singapore, Strengthening Its Presence in Asia

Tyler and Cameron Winklevoss's Gemini crypto exchange has obtained in-principle approval for a significant license in Singapore.

Gemini can provide crypto payment and cross-border money transfer services in Singapore with the Major Payment Institution License.

The license will enable Gemini to establish a strong foothold in Singapore and expand more easily in Asia.

Gemini Gains MAS Approval, Advancing Cryptocurrency Services and Cross-Border Payments in Singapore

On Tuesday, Gemini announced that it had received preliminary approval from Singapore's financial regulator, the Monetary Authority of Singapore (MAS). This early approval highlights the company's commitment to Singapore.

Gemini described Singapore as the heart of its operations in the Asia-Pacific region. For years, Singapore has been critical for the company's growth in Asia.

This license, called the Major Payment Institution (MPI) license, allows companies to legally operate as payment services providers in Singapore.

With the MPI license, crypto exchanges can offer cross-border money transfers, helping individuals and local businesses send money across countries.

Additionally, they can provide cryptocurrency payment services. These new capabilities make Gemini stronger in Asia's expanding digital finance world.

Gemini has concentrated on strategic expansion since setting up its regional headquarters in Singapore. Its goal has been to create an accessible and relevant experience explicitly tailored to the needs of local users.

By addressing each market's unique regulatory and security requirements, the firm ensures that every user can enjoy a comprehensive and user-friendly trading experience and that the exchange fully complies with the region's legal standards.

Therefore, Gemini is establishing a robust and trustworthy presence that aims to meet and exceed expectations for cryptocurrency trading.

Gemini Appoints New APAC Head to Boost Growth in Asia

Gemini shared an update on its license application shortly after it appointed SaadAhmed head of its Asia-Pacific (APAC) division in January. Ahmed brings extensive experience from his previous roles with him. Before joining Gemini, he worked in high-level positions at Uber and Grab.

In these roles, he also helped drive growth in the region. His background in leading well-known tech companies in Asia gives Gemini an advantage as it navigates the local market.

With Ahmed on board, Gemini aims to meet regulatory standards more effectively and strengthen its presence across APAC.

In June last year, Gemini announced plans to grow its hub in Singapore. The expansion aims to tap into the Asian market. With this, Gemini is exploring more opportunities outside the United States. The company shared more details about its progress, stating that its team in Singapore continues to grow.

Gemini currently provides services to approximately 70 countries worldwide. Among these countries, Singapore stands out as Gemini's second-largest market, coming only after the United States by customer numbers.

To support this growth, Gemini has ambitious plans for its Singapore team. The company aims to double its staff in Singapore, increasing its current team size to 80 employees.

Gemini seeks to enhance its local operations and improve its customer support and compliance functions by adding more talent. This will allow it to adequately serve the region's growing user base.

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