New York-based cryptocurrency exchange Gemini has secured in-principle approval from the Monetary Authority of Singapore (MAS), the country’s financial regulator.
The preliminary nod allows Gemini to offer cross-border money transfer and digital payment token services. This marks a critical step in its strategy to strengthen Geminis’s presence in Asia, according to a report from The Straits Times.
“While the US remains our largest market and global headquarters, Asia and Singapore in particular play a crucial role in our global strategy,” Saad Ahmed, who oversees Gemini’s operations in the Asia-Pacific region, said.
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Singapore Becomes Gemini’s Second-Largest Market
With a footprint in around 70 countries, Singapore stands out as Gemini’s second-largest market by customer base. It trails only the US. The expansion efforts come as regulatory pressures have intensified in the domestic market.
Ahmed said that Singapore is important in Gemini’s regional ambitions, noting that the city-state will serve as the company’s Asia-Pacific hub. “We are building the required capabilities here to drive operations across the region,” he added.
Crypto exchange Gemini gets initial nod from Singapore regulator MAS https://t.co/GdkEBG7SmB
— ST Business Desk (@stbusinessdesk) October 29, 2024
Currently, the exchange has a team of over 40 employees in Singapore. Furthermore, it plans to double this workforce in the near future as part of ongoing investments.
“We are also in the process of moving to a larger office space to accommodate our growing local team, which reflects our long-term commitment to Singapore,” he said, highlighting recruitment efforts across various roles, including compliance, engineering, product development, and finance.
Looking ahead, Ahmed acknowledged the likelihood of volatility due to macroeconomic factors and geopolitical tensions. However, he remains optimistic that regulatory clarity in key markets like Singapore will drive growth and adoption in the region.
“We are hopeful that we will continue to see greater adoption across the region,” he concluded, reinforcing Gemini’s commitment to navigating the evolving landscape of cryptocurrency in Asia.
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OKX Secures Full License In Singapore
Last month, OKX secured a Major Payment Institution (MPI) license in Singapore, allowing the exchange to provide a range of financial services. The company’s services will include cross-border money transfers and digital payment tokens, lifting previous volume restrictions.
With the MPI license, OKX can now exceed the standard volume limitations. The license allows it to process payments beyond the 3 million Singaporean dollars (approximately $2.2 million) cap for a single service and the 6 million SG$ ($4.4 million) limit for multiple services.
Meanwhile, a significant number of financially savvy individuals in Singapore have embraced cryptocurrency and view it as the future of finance, according to a recent report by Seedly and Coinbase.
The study, conducted in the fourth quarter of 2023, involving over 2,000 adults, revealed that 57% of respondents currently hold digital assets.
The majority of those surveyed stated that they have invested amounts ranging from US$1,000 to $25,000 in cryptocurrencies.
Singapore has been actively trying to become a global crypto hub. Just recently, the Monetary Authority of Singapore (MAS) provided Paxos regulatory approval to issue stablecoins.
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