Gemini Wins In-principle Approval in Singapore

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Gemini has received initial approval from the Monetary Authority of Singapore to offer select services in the country.

Also known as MAS, the central bank granted Gemini, on Oct. 29, a provisional license to operate digital payment tokens and facilitate international money transfers as a Major Payment Institution (MPI).

In a statement, Gemini expressed its excitement at reaching this milestone, as Singapore has been a key hub for its Asia-Pacific operations.

The exchange is now focused on securing final approval for the MPI license.

Saad Ahmed, who leads Gemini’s Asia-Pacific division, stated that this approval brings them closer to fulfilling the needs of their customers in Singapore, while the United States continues to be their main market and global headquarters. Ahmed added that Asia and Singapore are crucial components of Gemini’s global strategy.