Gemini Secures In-Principle Approval for Major Payment Institution License in Singapore

Cryptocurrency exchange Gemini, founded by Tyler and Cameron Winklevoss, has announced that it has received in-principle approval from the Monetary Authority of Singapore for a Major Payment Institution (MPI) license. This significant step marks a crucial phase in Gemini’s expansion within the Asia-Pacific (APAC) region.

In a blog announcement on October 29, Gemini stated that this approval moves its application forward under the Payment Services Act 2019. This development will enable the platform to offer cross-border money transfer and digital payment token services, thereby enhancing its compliance framework in the APAC market.

“As part of our ongoing commitment to this market, we are continuing to work towards achieving the MPI license.”

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. This allowed Gemini to operationalize its platform in France, providing users with access to trade over 70 cryptocurrencies via its web and mobile platforms, along with its advanced ActiveTrader option.

Gemini’s Global Expansion Amid Regulatory Changes

Gemini’s expansion into Europe and Asia comes as the exchange navigates regulatory challenges in other regions. Earlier this month, the U.S.-based platform exited Canada, a market it once deemed essential for its growth. Stringent regulatory requirements prompted Gemini, along with other exchanges like Binance, OKX, and dYdX, to leave Canada. Gemini has advised Canadian users to withdraw their funds by December 31, following previous compliance efforts such as pre-registering with the Canadian Securities Administrators in April 2023.

In April, the Canadian government 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.

Stay updated with the latest developments in the cryptocurrency world and explore more news on Global Crypto News.

#BullMarket #CryptoBulls

Post Views: 1