The cryptocurrency exchange Gemini has taken a significant step toward expanding its presence in Asia by securing preliminary approval from the Monetary Authority of Singapore (MAS) to operate certain financial services in the country. This development marks a pivotal moment for the U.S.-based platform as it strengthens its compliance posture and aims to serve customers in one of the world’s most regulated yet innovation-friendly fintech markets.
On October 29, 2024, MAS granted Gemini in-principle approval for a Major Payment Institution (MPI) license under Singapore’s Payment Services Act. With this status, Gemini is now authorized to provide two key services: digital payment token (DPT) services and cross-border money transfer services. These permissions allow the exchange to legally facilitate cryptocurrency transactions and international fund transfers within Singapore’s robust regulatory framework.
While this is not the final approval, it signals strong confidence from MAS in Gemini’s operational readiness, anti-money laundering (AML) protocols, cybersecurity infrastructure, and corporate governance practices. The exchange has affirmed that it will continue working closely with regulators to meet all outstanding requirements for full MPI licensing.
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Why Singapore Matters for Crypto Exchanges
Singapore has emerged as a cornerstone of digital asset innovation in Southeast Asia, thanks to its clear regulatory guidelines, political stability, and advanced financial infrastructure. Unlike many jurisdictions that remain cautious or hostile toward cryptocurrencies, MAS has adopted a balanced approach—encouraging responsible innovation while safeguarding financial integrity.
For global platforms like Gemini, obtaining even partial authorization in Singapore sets a powerful precedent. It demonstrates adherence to high compliance standards and opens doors to institutional partnerships, retail adoption, and potential expansion into neighboring markets such as Indonesia, Thailand, and Vietnam.
The MPI license, in particular, is highly sought after. It allows firms to process payments exceeding S$3 million annually and supports a broad range of services including e-wallets, merchant acquisition, and DPT trading. Full MPI status also enables deeper integration with traditional banking systems—a critical advantage for mainstream adoption.
What Services Can Gemini Offer Under Preliminary Approval?
With in-principle MPI approval, Gemini can begin laying the groundwork for regulated operations in Singapore. Specifically, the permitted activities include:
- Buying, selling, and transferring digital payment tokens (such as Bitcoin and Ethereum)
- Facilitating cross-border remittances using blockchain technology
These services must still be delivered through systems that comply with MAS’s strict customer due diligence (CDD), transaction monitoring, and capital adequacy rules. Gemini will also be required to safeguard customer assets and report suspicious activities in line with national AML/CFT (Anti-Money Laundering/Countering the Financing of Terrorism) frameworks.
Importantly, this approval does not currently extend to complex offerings such as crypto derivatives, staking-as-a-service, or lending products. Any future expansion into these areas would require additional regulatory assessments.
The Road to Full Licensing
Achieving final MPI certification typically involves a comprehensive review period lasting several months. During this time, Gemini must demonstrate:
- Operational resilience and system security
- Clear ownership structure and fit-and-proper checks for key personnel
- Proof of sufficient capital reserves
- Robust risk management policies
MAS often conducts on-site audits and stress tests before issuing final approval. Gemini’s public commitment to transparency and compliance suggests it is well-positioned to meet these benchmarks.
Once fully licensed, Gemini could launch localized services tailored to Singaporean users—such as SGD on-ramps, mobile-optimized trading interfaces, and educational resources about safe digital asset management.
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Core Keywords Driving Visibility
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- Gemini
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- Major Payment Institution (MPI) license
- Digital payment token services
- Cross-border money transfer
- Crypto regulation in Singapore
- In-principle approval
- Cryptocurrency exchange
These terms reflect both informational and commercial search queries commonly used by investors, fintech professionals, and policymakers researching digital asset developments in Asia.
Frequently Asked Questions (FAQ)
Q: What does "in-principle approval" mean for Gemini in Singapore?
A: In-principle approval means MAS has provisionally accepted Gemini’s application for an MPI license. It confirms the platform meets initial regulatory thresholds but must still fulfill final conditions before full operational status is granted.
Q: Can Singapore residents use Gemini now?
A: Not yet. While Gemini has regulatory clearance to proceed, it has not officially launched services in Singapore. Users should wait for official announcements regarding product availability and supported features.
Q: Is Gemini regulated elsewhere?
A: Yes. Gemini is a licensed digital asset trust company in New York State under the BitLicense framework and operates under various registrations in other U.S. states and international jurisdictions.
Q: What are digital payment tokens (DPTs)?
A: Under MAS regulations, DPTs refer to cryptocurrencies like Bitcoin or Ethereum that can be used as a medium of exchange. Platforms handling DPTs must comply with strict AML and consumer protection rules.
Q: How does this affect competition in Singapore’s crypto market?
A: Gemini’s entry intensifies competition among licensed players like Independent Reserve, Luno, and Crypto.com. It also raises industry standards for security, transparency, and user experience.
Q: Will Gemini support SGD trading pairs?
A: Once fully operational, it is highly likely that Gemini will offer SGD trading pairs to enable seamless deposits and withdrawals for local users.
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Looking Ahead: Strategic Implications for the Industry
Gemini’s progress in Singapore reflects a broader trend: global crypto platforms prioritizing regulated markets over unlicensed expansion. As governments worldwide tighten oversight, exchanges that invest in compliance gain long-term advantages in trust, scalability, and institutional adoption.
For users, this means safer access to digital assets through vetted platforms. For the ecosystem, it promotes sustainable growth grounded in accountability rather than speculation.
As Gemini moves closer to full licensing, all eyes will be on how it differentiates its offering in a competitive landscape—and how other regulators might view its track record when considering approvals in their own jurisdictions.
This milestone isn’t just about one exchange entering a new market; it’s about reinforcing the idea that crypto can thrive within clear rules, benefiting innovators, users, and regulators alike.