Crypto Exchange Gemini Receives Preliminary Approval for MPI License in Singapore

TL;DR

• Crypto exchange Gemini has received preliminary approval for its Major Payment Institution license application.

• This comes as Gemini expands its position in the Asian market.

Gemini Receives In-Principle Approval from MAS

Gemini, the crypto exchange founded by Tyler and Cameron Winklevoss, announced on Tuesday that it has received in-principle approval for its Major Payment Institution license application in Singapore. 

This latest development comes as the company continues its expansion drive in Asia. According to Gemini, the preliminary approval from the Monetary Authority of Singapore is a sign of its dedication to the Singapore market. Gemini stated that,

“Singapore has long been the heart of our operations in APAC. Since establishing our regional headquarters in Singapore, we’ve focused on expanding our footprint, ensuring that we bring a localized, secure, and compliant trading experience to users across the region.”

The MPI license allows exchanges to provide cross-border money transfer and crypto payment services. The company’s license application update came after it appointed Saad Ahmed as its head of APAC in January. Ahmed previously held leading roles Uber and Grab in the region.

“As part of our ongoing expansion in APAC, we have made significant leadership hires in recent months, including Saad Ahmed, Head of APAC, who has been instrumental in driving our regional strategy and regulatory engagements,” Gemini added.

Gemini has been expanding its operations in Asia as it seeks opportunities outside the United States. According to Gemini, it is still growing its team in Singapore thanks to the city-state’s unique position in the APAC region.