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Gemini has received a Major Payment Institution license from the Monetary Authority of Singapore, finalizing an approval process that began with in-principle authorization in October 2024. The license applies to Gemini Digital Payments Singapore, the exchange’s locally incorporated entity, and authorizes digital payment token and cross-border money transfer services under the Payment Services Act. Gemini transferred its Singapore customers to the local entity in April 2025 while operating under a temporary exemption. The approval places Gemini alongside Coinbase, Crypto.com, OKX, Bitstamp, and Cumberland as licensed major payment institutions in Singapore, strengthening the exchange’s regulated presence in Asia as it continues pursuing licenses across multiple jurisdictions.
Key Elements
Gemini has obtained a Major Payment Institution license from the Monetary Authority of Singapore, clearing the way for the cryptocurrency exchange to offer regulated digital payment token and cross-border money transfer services in the city-state.
The approval, finalized on Sept. 9, applies to Gemini Digital Payments Singapore, the company’s locally incorporated entity. It marks the culmination of a regulatory process that began with in-principle approval in October 2024 and required Gemini to satisfy the central bank’s remaining conditions before full authorization was granted.
Under Singapore’s Payment Services Act, major payment institutions are permitted to exceed the transaction-volume thresholds that constrain standard payment institutions. The designation also brings more comprehensive regulatory obligations, reflecting the greater financial and operational risks associated with larger-scale operations. Those obligations include ongoing compliance with anti-money laundering controls, customer due diligence requirements, technology risk management, and regulatory reporting standards.
Gemini has operated in Singapore since 2020. In April 2025, the exchange transferred its Singapore customers from the U.S.-based Gemini Trust Company to Gemini Digital Payments Singapore, which operated under a temporary exemption while the license application remained under review. The final approval ends that exempt arrangement and places responsibility for regulated services directly with the local entity.
Singapore customers can access spot cryptocurrency trading, custody, and over-the-counter services through the licensed operation. The company has not announced new products or a launch schedule tied directly to the license, but the authorization does expand its formal regulatory footprint in a jurisdiction known for its stringent yet predictable approach to digital asset oversight.
Gemini President Cameron Winklevoss said the approval validates the company’s investment in Singapore. Chief Executive Tyler Winklevoss described the country as a strategic hub for serving retail and institutional customers.
The license positions Gemini alongside other digital asset firms holding MPI licenses in Singapore, including Coinbase (COIN), Crypto.com, OKX, Bitstamp, and institutional liquidity provider Cumberland. MAS approved Cumberland’s digital token and cross-border payment services in July, signaling the regulator’s continued willingness to authorize firms that meet its standards while taking action against those that do not.
The dual scope of the license — covering both digital payment token services and cross-border money transfers — is notable. It suggests Gemini’s Singapore operations extend beyond crypto trading and custody into money transfer services that could support remittance or business payment use cases. This positioning may allow the company to compete more directly with both crypto-native platforms and traditional payment providers in the region.
Singapore has spent recent years tightening requirements for crypto firms following a series of industry collapses elsewhere, while working to keep the city-state attractive to compliant operators. A Major Payment Institution license signals that a firm has met the regulator’s standards for capital, custody, and anti-money-laundering controls.
The approval comes as global regulators continue to draw sharper lines between licensed and unlicensed crypto operators. Firms that secure recognized licenses in jurisdictions like Singapore often gain easier access to banking partners and institutional clients, who increasingly require regulatory clarity before engaging with digital asset firms.
Gemini, founded by Cameron and Tyler Winklevoss, has pursued licenses in multiple jurisdictions as part of a broader strategy to operate under clear regulatory frameworks rather than relying on ambiguous legal status. The company has previously sought approvals in Europe and other markets, and the Singapore license adds another regulated venue to its global operations.
The exchange has recently expanded local asset support. In related coverage, Gemini enabled XRP deposits and withdrawals through the XRP Ledger for customers in Singapore, allowing direct transfers without routing them through another supported network.
MAS can impose conditions, conduct inspections, or take enforcement action if a licensed provider breaches its obligations. Gemini must now maintain the systems, staffing, and controls required by its MPI license, with authorization applying to its Singapore entity and approved services rather than every product offered by the wider Gemini group.
No verified market reaction was available because the announcement concerned Gemini’s private operating subsidiary and did not involve a publicly traded token. The next measurable developments will be any new locally approved products, regional hiring, or changes to Gemini’s Singapore services.
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Source: finance.biggo.com