Gemini Obtains a Preliminary License from Singapore’s Regulator
Gemini, the cryptocurrency exchange co-founded by Tyler and Cameron Winklevoss, has received initial approval for its application for a Major Payment Institution license from the Monetary Authority of Singapore.
This marks a significant step in the company’s efforts to expand its presence in Asia.
In a statement released on Tuesday, Gemini stated that this approval demonstrates their strong commitment to the Singapore market and that the country has always been a key part of their operations in the Asia-Pacific region.
The MPI license allows exchanges to offer cross-border money transfer and cryptocurrency payment services.
The company also mentioned that since establishing their regional headquarters in Singapore, they have been diligently working towards increasing their presence and ensuring a localized, secure, and compliant trading experience for users in the region.
The update on Gemini’s license application coincided with the hiring of its new head of APAC, Saad Ahmed, in January. With his previous experience in leadership roles at Uber and Grab in the region, Ahmed is expected to play a crucial role in furthering the company’s growth in Asia.
