The cryptocurrency exchange Gemini, founded by twins Tyler and Cameron Winklevoss, has received in-principle approval from Singapore’s financial regulator for its Major Payment Institution (MPI) license application. This marks a pivotal step in Gemini’s strategic expansion across Asia, positioning the firm to offer regulated cross-border money transfer and digital payment services in one of the world’s most dynamic fintech hubs.
The Monetary Authority of Singapore (MAS) grants MPI licenses under the Payment Services Act to firms demonstrating robust compliance, risk management, and operational integrity. With this approval, Gemini is now on track to become a fully licensed player in Singapore’s tightly regulated but innovation-friendly financial ecosystem.
Strategic Move into the Asian Market
Gemini’s interest in the Asian market is not new. In June of the previous year, the exchange announced plans to expand its Singapore headquarters, using the city-state as a regional base to target broader opportunities beyond the United States. The move aligns with a growing trend among crypto platforms seeking diversified regulatory environments and access to fast-growing digital asset markets in Southeast Asia.
Singapore has emerged as a preferred jurisdiction due to its clear regulatory framework, strong rule of law, and supportive stance toward blockchain innovation—provided companies adhere strictly to anti-money laundering (AML) and consumer protection standards.
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The in-principle approval signals that Gemini meets MAS’s initial requirements. However, final licensing will depend on the company fulfilling all outstanding conditions within a specified timeframe. These typically include finalizing governance structures, proving adequate capitalization, and demonstrating full compliance readiness.
Building a Local Team with Focus on Compliance
In its official statement released Tuesday, Gemini emphasized its ongoing commitment to building local capabilities. The company is actively expanding its team in Singapore, with particular emphasis on hiring talent in growth support and regulatory compliance roles.
This focus reflects an understanding that long-term success in Asia hinges not just on technology or product offerings, but on deep integration with local regulations and business practices. As global scrutiny over digital assets intensifies, exchanges must prioritize compliance infrastructure to gain trust from both regulators and users.
By investing in regional expertise, Gemini aims to create a sustainable presence that can adapt to evolving regulatory expectations across jurisdictions—not only in Singapore but across ASEAN markets.
Why the MPI License Matters
An MPI license allows licensed entities to provide three key services:
- Domestic money transfer
- Cross-border fund transfers
- Cryptocurrency payment services
For Gemini, securing this license opens doors to integrate crypto-native transactions into traditional financial flows—enabling businesses and individuals to send and receive digital assets across borders under a recognized regulatory umbrella.
This could be particularly valuable for institutional clients, remittance providers, and fintech partners looking for compliant pathways to adopt blockchain-based settlement systems.
Moreover, having a foothold in Singapore enhances Gemini’s credibility when engaging with other regulators in the region. It sets a precedent that the exchange operates under high-standard oversight, which may ease market entry into neighboring countries like Thailand, Vietnam, or Indonesia, where regulatory frameworks are still maturing.
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Frequently Asked Questions (FAQ)
What is an MPI license in Singapore?
The Major Payment Institution (MPI) license is issued by the Monetary Authority of Singapore (MAS) under the Payment Services Act. It permits companies to offer payment services including e-money issuance, domestic and cross-border transfers, and cryptocurrency payment solutions—subject to strict compliance with AML and cybersecurity regulations.
What does “in-principle approval” mean?
In-principle approval means MAS has reviewed Gemini’s application and found it provisionally acceptable. The final license will be granted only after Gemini fulfills all required conditions, such as operational setup, audits, and compliance certifications. This process can take several months.
How does this benefit Gemini users?
Once fully licensed, Gemini users in Singapore—and potentially across Asia—could gain access to faster, more secure, and legally recognized crypto payment and remittance services. Institutional clients may also benefit from enhanced trust and integration options with traditional financial systems.
Can other exchanges operate in Singapore without an MPI?
No. All entities offering regulated payment services—including crypto transactions—must obtain either a Standard Payment Institution (SPI) or Major Payment Institution (MPI) license from MAS. Operating without one violates Singapore law and can lead to penalties or shutdowns.
Is Gemini planning to launch new products in Asia?
While no specific product launches have been announced yet, the expansion suggests Gemini is preparing to introduce localized services such as fiat-onramps, custodial solutions, or B2B payment gateways tailored for Asian markets.
How does this affect competition with other exchanges?
Gemini’s progress gives it a first-mover advantage among U.S.-based exchanges aiming for full compliance in Singapore. While platforms like OKX and Bybit already serve the region, few have achieved—or publicly pursued—full MPI status. This could differentiate Gemini as a trusted, regulation-first option.
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Looking Ahead: A Foundation for Regional Growth
Gemini’s pursuit of the MPI license underscores a broader shift in the crypto industry: from rapid innovation toward sustainable, regulation-compliant operations. As governments worldwide tighten oversight, exchanges that proactively engage with regulators are more likely to thrive in the long term.
With Singapore as a strategic beachhead, Gemini is laying the groundwork not just for market access, but for influence—shaping how digital assets are adopted within formal financial networks across Asia.
As the final licensing steps unfold, all eyes will be on how quickly Gemini transitions from approval to operation—and what new services it brings to one of the most promising frontiers in fintech today.
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