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Gemini receives Singapore payment license for crypto services
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- DeepHorus
Cryptocurrency exchange Gemini has secured a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). The license, awarded to its local entity Gemini Digital Payments Singapore, marks a significant regulatory milestone. It allows the company to operate without the standard transaction-volume limits that apply to regular payment institutions.
The approval, announced on Wednesday, finalizes a process that began with an in-principle approval from MAS in October 2024. In a strategic move ahead of final authorization, Gemini migrated its Singapore customers in April 2025. This transfer moved clients from the U.S.-based Gemini Trust Company, which had been operating under an exemption, to the dedicated local entity.
An MPI license carries greater regulatory scrutiny due to the larger scale of operations. MAS states this is necessary because the higher volume of transactions poses increased risks. Gemini is now authorized to provide digital payment token services and cross-border money transfers from its Singapore hub.
The exchange has been serving customers in Singapore since 2020. Its local offerings now include spot crypto trading, digital asset custody, and over-the-counter services. The license solidifies Singapore's role as a key strategic market for both retail and institutional clients.
Cameron Winklevoss, Gemini's President and co-founder, highlighted the company's established presence in the city-state. CEO Tyler Winklevoss further emphasized Singapore's importance as a strategic hub. The regulatory clarity is expected to bolster confidence among Gemini's user base in the region.
With the license secured, Gemini is positioned to expand its regulated services in Asia. The move aligns with Singapore's framework to attract and license digital asset firms under strict oversight. It may encourage other crypto businesses to pursue similar regulatory pathways in the jurisdiction.
