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Gemini has received in-principle approval from Singapore’s Monetary Authority for a Major Payment Institution (MPI) license, marking a significant step in the cryptocurrency exchange’s Asia-Pacific (APAC) expansion.
Founded by Tyler and Cameron Winklevoss, Gemini announced the approval on October 29, highlighting that it advances the company’s application under Singapore’s Payment Services Act 2019. With this approval, Gemini can now offer cross-border money transfer and digital payment token services, bolstering its regulatory compliance in the region.
“As part of our ongoing commitment to this market, we are continuing to work towards achieving the MPI license,” Gemini noted in its blog post.
This milestone follows Gemini’s January approval from France’s Autorité des marchés financiers, where the exchange was granted regulatory clearance as a virtual asset service provider. With this authorization, Gemini launched its platform in France, allowing users to trade over 70 cryptocurrencies via web and mobile platforms, including its ActiveTrader feature for advanced traders.
Gemini Eyes Asia Amid Regulatory Challenges in Other Regions
Gemini’s expansion into Europe and Asia comes as the exchange faces increasing regulatory challenges in other parts of the world. Earlier this month, the U.S.-based exchange exited Canada, a market it had once considered crucial for its growth. This exit was prompted by tightening regulatory demands, leading Gemini, along with other exchanges such as Binance, OKX, and dYdX, to cease operations in Canada.
As part of its compliance efforts, Gemini informed Canadian users to withdraw funds by December 31, 2024, after having pre-registered with the Canadian Securities Administrators in April 2023.
Additionally, the Canadian government introduced a new Crypto-Asset Reporting Framework in April, which will take effect in 2026. This framework requires all crypto service providers, including exchanges, brokers, and ATM operators, to submit detailed transaction data annually, adding further complexity to the regulatory landscape in Canada.
