Gemini has received preliminary approval from Singapore’s Monetary Authority (MAS) to offer cross-border money transfer and digital payment token (DPT) services in the country.
According to the New York-based crypto exchange, this achievement underscores its commitment to adhering to the highest regulatory standards and reinforces its dedication to the Singapore market.
“Singapore has been at the core of our operations in the Asia-Pacific region since we established our headquarters here. Our focus has been on expanding our footprint and ensuring a secure and compliant trading experience for users throughout the region,”
the exchange noted in its press release.
The exchange confirmed that it is actively working toward the full implementation of the MPI license.
Meanwhile, Gemini also announced key leadership appointments as part of its expansion strategy in the APAC region. Notably, Saad Ahmed, who was previously a significant figure at the South Asian super app Grab, has been appointed as the exchange’s Head of the APAC region. The exchange noted that Ahmed has already played a crucial role in advancing the company’s regional strategy and regulatory relationships.
Looking ahead, Gemini stated that it is committed to delivering an exceptional user experience and supporting the growth of the digital asset ecosystem in Singapore and throughout the Asia-Pacific region.
These developments follow Gemini’s recent progress in Europe. In January, Gemini obtained a crypto license from France’s Autorité des Marchés Financiers, allowing the exchange to prepare for a full rollout for French users. Upon launch, French clients will access over 70 cryptocurrencies and the advanced ActiveTrader platform.
Gemini’s expansion in Singapore is the latest in the growing trend of crypto exchanges securing regulatory approval in the country. OKX recently announced that it has secured an MPI license for its local branch, “OKX SG Pte. Ltd,” to operate in the country. Also, on July 24, Hex Trust announced that it received in-principle approval from MAS for the same license.
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