Singapore has awarded Gemini a Major Payment Institution license, giving the crypto exchange’s local unit approval to provide digital payment token and cross-border money transfer services in the city-state. The authorization marks a significant regulatory step for Gemini Digital Payments Singapore Pte. Ltd. as the company expands in a market it has served since 2020.
The license strengthens Gemini’s regulated presence in Singapore and supports the services it already offers there, including spot trading, custody, and over-the-counter trading for both retail and institutional customers. It also gives the company a stronger base for its wider regional plans.
What the license allows
Under Singapore’s Payment Services Act 2019, a Major Payment Institution can provide regulated services without the transaction volume caps that apply to standard payment institutions. In Gemini’s case, the approval covers digital payment token services as well as cross-border transfers.
The distinction matters because Singapore’s rules impose broader regulatory obligations on major institutions. The Monetary Authority of Singapore has said these firms are subject to more comprehensive oversight and must meet requirements designed to protect customer funds.
Gemini’s position in Singapore
Gemini said the approval allows retail and institutional customers in Singapore to continue accessing its regulated digital asset services. The company already offers spot trading, custody, and OTC services in the market.
The exchange has described Singapore as a key part of its regional strategy. CEO and co-founder Tyler Winklevoss said the country’s regulatory framework and standing as a global financial center make it a natural strategic hub for the business.
Why OTC and custody matter
Alongside exchange trading, Gemini’s Singapore business includes custody and over-the-counter execution. OTC trading is typically used for larger transactions because it allows deals to be negotiated privately at a single price, which can help reduce market impact and slippage.
With the MPI license in place, Gemini is positioned to keep serving both segments of the market while building on those existing products under a clearer regulatory footing.
Broader regulatory backdrop
The approval comes as Singapore continues refining safeguards for its digital asset sector. Regulators have proposed measures that would ban interest payments on MAS-regulated stablecoins and introduce stress testing, recovery planning, wind-down arrangements, and stronger protections for customer assets.
For Gemini, the next confirmed step is expansion of its trading, custody, and OTC operations in Singapore. The company has indicated that it sees the city-state not only as a local market, but as a central hub for its broader regional operations.
Source: news.bitcoin.com