Gemini has received a Major Payment Institution license in Singapore, giving its local unit approval to offer digital payment token services and cross-border money transfers under the city-state’s Payment Services Act. The authorization applies to Gemini Digital Payments Singapore, the company’s locally incorporated entity.
The approval converts Gemini’s earlier in-principle clearance into a full license and allows the firm to operate without the standard transaction caps that apply to typical payment institutions. At the same time, the company remains subject to ongoing requirements covering anti-money laundering controls, customer due diligence, technology risk management, and regulatory reporting.
Full approval after earlier clearance
The new authorization follows in-principle approval that Gemini received in October 2024. That earlier step signaled regulatory acceptance in principle, but not the final operating status that comes with a full Major Payment Institution license.
With the final approval now in place, Gemini’s Singapore business has formal authorization to provide the approved services through its local subsidiary rather than under an interim arrangement.
What the MPI license allows
Under Singapore’s Payment Services Act, the Major Payment Institution license permits Gemini Digital Payments Singapore to provide digital payment token services as well as cross-border money transfer services. The MPI framework also allows the holder to exceed the standard transaction limits imposed on ordinary payment institutions.
The broader capacity associated with the license reflects a larger operating footprint, but it does not remove regulatory obligations. Compliance duties still apply across areas including anti-money laundering safeguards, customer checks, technology risk controls, and required reporting to regulators.
Shift to the local Singapore entity
Gemini had already begun moving its Singapore operations onto its locally incorporated structure before receiving the final license. In April 2025, the company transitioned Singapore customers to Gemini Digital Payments Singapore while the application remained under review.
During that period, the local entity operated under a temporary exemption. The completed licensing process now places responsibility for regulated Singapore services squarely with the Singapore unit and clarifies which entity is authorized to deliver the approved products locally.
Retail and institutional services
With the full license granted, Gemini said the Singapore entity can serve both retail and institutional customers. The services referenced in the approval include spot trading, custody, and over-the-counter offerings.
The authorization is specific to Gemini’s Singapore entity and to the services that have been approved. The next confirmed step is continued operation under the full MPI framework, with ongoing compliance obligations remaining in force as the company expands those regulated services in Singapore.
Source: crypto.news