Tyler and Cameron Winklevoss’ cryptocurrency exchange, Gemini, has achieved a significant milestone by receiving preliminary approval for a Major Payment Institution (MPI) license from Singapore’s Monetary Authority. After the complete license is approved, Gemini will be able to provide additional services, including digital payment tokens and cross-border money transfers, thanks to this in-principle approval, which was given on October 29.
Singapore is an important hub for Gemini’s Asia-Pacific activities, the company says. The exchange’s expansion efforts in the city state reflect its plans to expand its footprint outside of the US and capitalize on the growing interest in cryptocurrencies throughout Asia.
While the United States continues to be Gemini’s largest market, Asia—and particularly Singapore—is essential to the company’s worldwide goals, according to Saad Ahmed, head of Asia-Pacific operations. Gemini is constantly growing its workforce in addition to pursuing its MPI license as part of its dedication to the area. To handle the growing demand and guarantee seamless operations, plans are in place to add more personnel in the areas of finance, engineering, and compliance. In order to accommodate the growing workforce, the company is also relocating to a larger location in Singapore.
After receiving its complete license, Gemini will be able to handle higher volumes across a variety of payment services and surpass the typical volume restrictions placed on Singaporean payment institutions. With this update, Gemini could potentially join other American cryptocurrency firms such as Coinbase and Ripple, who recently received full MPI licenses from Singapore’s regulatory agency.
The initial approval is a significant step in building a stronger presence in Asia as Gemini continues to expand in Singapore. Gemini, with its expanding workforce and the potential for a fully licensed platform, is well-positioned to enhance its influence in the Singaporean cryptocurrency market.
