Gemini Receives Preliminary Approval for Services in Singapore

Gemini, a crypto exchange, has obtained preliminary approval from the Monetary Authority of Singapore (MAS) to offer its services in the country. The approval grants Gemini a Major Payment Institution (MPI) license, enabling the provision of digital payment tokens and cross-border money transfer services. This milestone signifies Singapore's importance in Gemini's Asia-Pacific operations. The exchange is striving for final approval for the MPI license to offer tailored services to Singaporean users. Saad Ahmed, head of Gemini's Asia-Pacific division, highlighted the team's expansion and search for talent, emphasizing their commitment to Singapore. If granted the full MPI license, Gemini can surpass volume limits set for payment institutions, joining other US-based firms like Coinbase and Ripple in Singapore. This development reflects Gemini's growth and dedication to the region.