Winklevoss’ crypto exchange Gemini secures in-principal approval from Singapore’s MAS

Gemini has received in-principle approval for a major payment institution license from the Monetary Authority of Singapore, marking a significant step in its APAC expansion.

Gemini, the cryptocurrency exchange founded by Tyler and Cameron Winklevoss, announced that it has received in-principle approval from the Monetary Authority of Singapore for its Major Payments Authority license.

The approval advances the application under the Payment Services Act 2019, allowing the trading platform to offer cross-border money transfer and digital payment token services, strengthening its compliance stance in Asia, the exchange said in a blog announcement on Tuesday (October 29). Pacific.

“As part of our commitment to this market, we continue to work to obtain the MPI licence.”

Gemini

The latest milestone follows Gemini’s approval in January from the French Autorité des Marchés financiers, where it received regulatory approval as a virtual asset service provider. The exchange launched its platform in France, providing users with the ability to trade over 70 cryptocurrencies via its web and mobile platforms, as well as the advanced ActiveTrader option.

Gemini looks to Asia as Canada’s regulations tighten

Gemini’s expansion into Europe and Asia comes as the exchange deals with regulatory hurdles in other regions. Earlier this month, the US-based platform exited the Canadian market, which it once described as “essential” for growth. Tightening regulatory demands caused Gemini and other exchanges, including Binance, OKX and dYdX, to leave Canada. Gemini notified Canadian users to withdraw 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 launched a new Crypto Asset Reporting Framework that will come into effect in 2026 and will require all crypto service providers, including exchanges, brokers and ATM operators, to report detailed transaction data annually.