Key Takeaways
- Gemini secured a Major Payment Institution license from MAS.
- The license covers digital tokens and cross-border transfers.
- Gemini has served customers in Singapore since 2020.
Gemini Clears Singapore’s Major Licensing Hurdle
Retail and institutional customers in Singapore can continue accessing Gemini’s regulated digital asset services after the exchange cleared a major licensing hurdle. The MAS Financial Institutions Directory identifies Gemini Digital Payments Singapore Pte. Ltd. as a Major Payment Institution authorized to provide digital payment token and cross-border money transfer services.
The approval deepens Gemini’s presence in a market where it has served customers since 2020. In its Sept. 8 license announcement, Gemini President and co-founder Cameron Winklevoss stated:
“Securing the MPI license from MAS validates our commitment and investment into Singapore. We’ve been in Singapore serving customers since 2020 and are excited for what’s ahead.”
Major payment institutions can provide regulated services without the transaction-volume limits imposed on standard payment institutions. Singapore’s Payment Services Act 2019 establishes the licensing system covering payment activities, including digital payment token services. MAS states that major institutions face more comprehensive regulation and must meet requirements intended to protect customer funds.
Singapore Tightens Rules While Attracting Crypto Firms
Singapore’s latest license arrives as regulators refine protections across the country’s digital asset market. MAS proposed legislative changes Sept. 1 that would prohibit interest payments on qualifying MAS-regulated stablecoins while introducing stress tests, recovery plans, orderly wind-down arrangements, and stronger safeguards for customer funds, according to the current stablecoin proposal.
Gemini joins other global digital asset companies using Singapore as an Asia-Pacific base for regulated operations. MAS previously approved an expanded range of payment activities for Ripple’s Singapore subsidiary, allowing it to broaden services involving digital payment tokens. That expanded Ripple license illustrated how established crypto businesses are building regional operations around Singapore’s regulatory framework.
Gemini Expands Trading, Custody, and OTC Services
The city-state has combined licensing opportunities with compliance requirements covering money laundering, terrorism financing, cybersecurity, and customer protection. Singapore had already attracted exchanges and infrastructure providers such as Coinbase, Okx, Bitgo, and Anchorage by early 2025, as detailed in an examination of Singapore’s evolving crypto regulations.
Gemini currently provides spot trading, custody, and OTC services in Singapore. OTC trading allows large transactions to be negotiated privately at a single price instead of passing through a public exchange order book, potentially limiting price disruption and slippage.
Gemini CEO and Co-Founder Tyler Winklevoss described Singapore as central to the company’s regional strategy:
“Singapore’s regulatory framework and status as a leading global financial center make it a natural strategic hub. With this license, we are well placed to continue serving both retail and institutional customers in Singapore.”
