Gemini Secures Major Payment Institution License in Singapore
- Gemini has received a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).
- The license allows Gemini Digital Payments Singapore to provide digital payment token services and cross-border money transfers.
- MPI license holders are not subject to transaction-volume limits, but face more stringent regulations due to their operational scale.
- Gemini has been serving customers in Singapore since 2020 and offers spot crypto trading, digital asset custody, and over-the-counter services.
- The full license follows an in-principle approval granted by MAS in October of the previous year.
This MPI license signifies a significant regulatory advancement for Gemini, enabling it to operate more freely within Singapore’s financial ecosystem while adhering to comprehensive regulations designed to mitigate risks associated with larger operations.
With this new licensing, Gemini can enhance its service offerings in Singapore, which it views as a strategic hub for both retail and institutional clients.(Source)
