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FollowingTLDR
This article describes how Gemini has obtained a major payment institution license issued by the Monetary Authority of Singapore (MAS), including the scope of services covered by the license, its impact on the business, and Gemini's business layout history in Singapore.
License Coverage
The MAS Financial Institution Directory shows that Gemini Digital Payments Singapore is allowed to provide digital payment token services and cross-border fund transfer services. Companies with major payment institution licenses do not need to be subject to transaction size restrictions as standard payment institutions do when providing regulated payment services. This provides more room for Gemini to expand its business in the country.
Although major payment institutions enjoy more flexible transaction limits, MAS said such companies will face stricter regulation than small payment institutions. Regulators pointed out that this was an additional oversight measure implemented based on the large scale of its business. In contrast, standard payment institutions in Singapore are subject to specific caps when processing funds, while major payment institutions are not subject to such restrictions, a key difference between the two.
Gemini's presence in Singapore
Cameron Winklevoss, co-founder and president of Gemini, said that since 2020, the platform has been serving customers in Singapore. He regarded the obtaining of the license as a continuation of the cooperative relationship between the two parties. CEO Tyler Winklevoss described Singapore as an important strategic hub for the company, pointing out that the location serves both retail and institutional customers.
Currently, Gemini provides spot cryptocurrency trading, digital asset custody and over-the-counter (OTC) services in Singapore.
Approval Process and Transition
This formal approval was completed after MAS granted its approval-in-principle on 10, 2024. A previous approval-in-principle allowed Gemini to continue operating while it seeks full authorization. In April 2025, Gemini transferred its Singapore customers from the Gemini Trust Company to a newly established local regional entity. During this period, Gemini Trust Company operated under exemption terms.
The customer transfer was part of Gemini's efforts to align its Singapore operations with MAS requirements, which the company had confirmed in a supporting article at the time. With the issuance of a new license, Gemini Digital Payments Singapore can now operate under MAS's full authority rather than relying on temporary exemptions. This marks the final completion of the licensing process that began in 2024.
Obtaining this license makes Gemini one of the few crypto companies in Singapore to have full qualifications as a major payment institution. MAS strictly reviews these applications before granting final approval. As of now, Gemini has not announced changes to its services in Singapore due to its license, and its existing trading, custody and OTC service portfolio remains unchanged.
