Gemini has received in-principle approval from Singapore’s Monetary Authority for a major payment institution license, marking a key step in its APAC expansion.
Cryptocurrency exchange Gemini, founded by Tyler and Cameron Winklevoss, announced it has received in-principle approval from Singapore‘s Monetary Authority for a Major Payment Institution license.
In a blog announcement on Oct. 29, the exchange stated that the approval advances its application under the Payment Services Act 2019, allowing it to offer cross-border money transfer and digital payment token services, thereby strengthening its compliance posture in the Asia-Pacific region.
“As part of our ongoing commitment to this market, we are continuing to work towards achieving the MPI license.”
Gemini
This milestone follows Gemini’s January approval from France’s Autorité des marchés financiers, where the exchange secured regulatory clearance as a virtual asset service provider. With this authorization, Gemini launched its platform in France, granting users access to trade over 70 cryptocurrencies via its web and mobile platforms, including its advanced ActiveTrader option.
Gemini looks to Asia as Canada’s regulations tighten
Gemini’s expansion in Europe and Asia comes as the exchange faces regulatory challenges in other regions. Earlier this month, the U.S.-based platform exited Canada, a market it once called “essential” for growth. Increasing regulatory demands prompted Gemini and other exchanges, including Binance, OKX, and dYdX, to leave Canada. Gemini informed Canadian users to withdraw funds by Dec. 31, following its earlier compliance efforts, such as pre-registering with the Canadian Securities Administrators in April 2023.
In April, the Canadian government also introduced a new Crypto-Asset Reporting Framework, set to take effect in 2026. This framework will require all crypto service providers, including exchanges, brokers, and ATM operators, to report detailed transaction data annually.
