Gemini has received In-Principle Approval (IPA) from the
Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI)
license. This approval allows Gemini to provide cross-border money transfer and
digital payment token services in Singapore.

Gemini Prioritizes Localized Services

Gemini established its regional headquarters in Singapore,
positioning the country as a core part of its Asia-Pacific operations. The
company has prioritized localizing its services to deliver a compliant and
secure trading platform for users in the region.

Gemini has also expanded its leadership team to strengthen
its operations across APAC. Recent appointments include Saad Ahmed as Head of
APAC, who has focused on Gemini’s regional strategy and regulatory compliance.

NEW: Gemini receives In-Principle Approval (IPA) from the Monetary Authority of Singapore (MAS) for its Major Payment Institution (MPI) license Application.This marks a significant step forward in our licensing journey, in line with our commitment to operating with the highest… pic.twitter.com/A0Z39PloDD

— Gemini (@Gemini) October 29, 2024

Earlier this year, Gemini
received approval from the French regulator to begin its services in France,
as reported by Finance Magnates.
This development enables Gemini to expand its offerings to both retail and
institutional clients in the European market. Gillian Lynch, Head of EU at
Gemini, noted the significance of this approval for the company’s expansion in
Europe.

This expansion occured amid increasing scrutiny of the
crypto industry by US regulators, including the Securities and Exchange
Commission (SEC), prompting Gemini to seek opportunities in the EU’s clearer
regulatory environment.

Expanding Singapore Team

The company’s approach aligns with the Monetary Authority of
Singapore’s regulatory standards, aiming to balance innovation with consumer
protection. Gemini plans to continue working toward full MPI licensing to
support its growth in the region.

“We continue to grow our team in Singapore, with a focus on
hiring top talent to support our continued growth and ensure compliance with
local regulations,” Gemini stated.

This article was written by Tareq Sikder at www.financemagnates.com.

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