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Cryptocurrency exchange Gemini, founded by Tyler and Cameron Winklevoss, has received preliminary approval for a Major Payments Institution (MPI) license in Singapore as it looks to expand in Asia. The company said the preliminary approval from the Monetary Authority of Singapore (MAS) demonstrates Gemini’s commitment to Singapore, as the city-state has long been the hub for its operations in the APAC region. The MPI license allows Gemini to offer cross-border money transfer and cryptocurrency payment services.
Gemini said it has accelerated its efforts to provide a localized, secure, and regulated trading experience to its users in the region since establishing its regional headquarters in Singapore. “We are focused on growing in Singapore and expanding our regional footprint,” the company said, emphasizing its commitment to increasing its market share in Asia.
The company’s license application process gained new momentum with the addition of Saad Ahmed, who was appointed as APAC regional manager in January. Ahmed, who previously held executive positions at major companies such as Uber and Grab, is leading Gemini’s growth in the Asian market.
Gemini, which announced in June last year that it would expand its operations in Singapore and focus more on the Asian market, continues its strategy of evaluating opportunities outside the US. The company aims to add talented employees, especially in the growth support and compliance areas, while continuing to grow its team in Singapore.
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With this development, Gemini plans to provide greater access to its users in Asia with a regulatory compliance and security-focused approach by positioning Singapore as a strategic hub in line with its global expansion goals.
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