Key Points
- Gemini receives In-Principle Approval from Singapore’s MAS for Major Payment Institution license, enabling them to provide cross-border money transfer and digital payment token services.
- The crypto exchange strengthens its APAC presence with significant leadership hires, including Saad Ahmed as Head of APAC, and continues expanding its Singapore-based team.
Cryptocurrency exchange Gemini has achieved a significant regulatory milestone in Singapore, receiving In-Principle Approval (IPA) from the Monetary Authority of Singapore (MAS) for its Major Payment Institution license application. This approval marks a crucial step forward in the company’s expansion plans, allowing it to offer cross-border money transfer and digital payment token services under the Payment Services Act 2019.
Strategic APAC Hub Development
Singapore continues to serve as Gemini’s strategic headquarters for Asia-Pacific operations. The company’s commitment to the region is evidenced by its focus on delivering localized trading services while adhering to MAS’s regulatory framework, which balances innovation with consumer protection measures.
Leadership Expansion and Local Talent Investment
Gemini’s regional growth strategy includes significant leadership appointments, notably Saad Ahmed as Head of APAC, who spearheads the company’s regulatory engagement and regional strategy. The exchange is actively expanding its Singapore workforce, emphasizing compliance and operational excellence in the APAC market.
The development signals growing institutional acceptance of cryptocurrency services in Singapore’s financial sector and reinforces the city-state’s position as a leading crypto hub in Asia. This regulatory approval positions Gemini to capture growing market opportunities while operating within a regulated framework.
