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FollowingCryptocurrency exchange Gemini is awarded a Principal Payment Institution Licence by the Monetary Authority of Singapore
Cryptocurrency exchange Gemini has officially obtained a Principal Payment Institution (MPI) Licence by the Monetary Authority of Singapore (MAS), marking the successful completion of its transformation work since receiving approval-in-principle nearly two years ago. On Wednesday, Gemini announced that the license would be awarded to its local entity in Singapore, Gemini Digital Payments Singapore. According to the MAS Financial Institution Directory, the company is authorized to provide digital payment token services and cross-border fund transfer services.
Companies holding major payment institution licenses can provide regulated payment services without being limited by the transaction volume of standard payment institutions. However, MAS pointed out that due to the large scale of operations of major payment institutions, which may pose higher risks, more comprehensive supervision is needed.
Cameron Winklevoss, president and co-founder of Gemini, said that the exchange has been serving Singapore customers since 2020; CEO Tyler Winklevoss said that Singapore is an important strategic hub serving retail and institutional customers. Currently, Gemini provides spot cryptocurrency trading, digital asset custody and over-the-counter (OTC) services in Singapore.
This full approval follows MAS 'approval in principle of the Gemini application in October 2024. In April 2025, while seeking final approval, Gemini transferred its customers in Singapore from the exempt Gemini Trust Company to its local registered entity.
