Gemini obtains comprehensive cryptocurrency payment license in Singapore

Gemini was awarded a Major Payment Institution Licence by the Monetary Authority of Singapore, ending a two-year approval process

On September 9, Gemini officially obtained a Major Payment Institution (MPI) license issued by the Monetary Authority of Singapore (MAS). This milestone marks the successful conclusion of the company's nearly two-year approval process.

Compliance Operations and Business Scope

According to Singapore's Payment Services Act, Gemini Digital Payments Singapore Pte. Ltd. (hereinafter referred to as "GDPSPL"), as Gemini's local registered entity in Singapore, has been licensed to provide digital payment token services and cross-border fund transfer services. This means that Gemini's business in Singapore will be fully integrated into the regulatory framework and achieve compliant operations.

The Monetary Authority of Singapore said in an official announcement: "We are pleased to announce that Gemini Digital Payments Singapore has obtained a major payment institution license, allowing it to legally provide digital payment tokens and cross-border fund transfer services."

Advantages and responsibilities of major payment institution licenses

Compared to standard payment institutions, major payment institution license holders are not subject to regular transaction limits. However, this also means that it faces broader regulatory obligations. The Monetary Authority of Singapore pointed out that due to the large scale of the business of major payment institutions, which may bring higher financial and operational risks, a more comprehensive regulatory review is needed.

Specifically, Gemini must continue to comply with the following regulations:

• Anti-Money Laundering (AML) Controls
• Customer Due Diligence (CDD)
• Technical Risk Management
• Regulatory reporting requirements

This authorization only applies to Gemini entities in Singapore and their approved services, and not all Gemini Group products.

From temporary exemption to formal licensing

Gemini has been operating in Singapore since 2020. In October 2024, the Monetary Authority of Singapore granted it an In-Principle Approval for a Major Payment Institution Licence, provided that Gemini meets the remaining conditions set by regulators.

To ensure the smooth progress of license applications, Gemini began migrating its customers in Singapore from its U.S. headquarters to a locally registered entity GDPSPL in April 2025. During this period, the local company operated under temporary exemption terms. Gemini informs customers through a support notice that the body of the contract will change and that users will need to accept the updated user agreement and privacy terms in order to continue to use the platform services.

The issuance of formal licenses now ends Gemini's reliance on temporary exemption arrangements, placing responsibility for regulated Singapore operations directly on local entities.

Service Strategy for Retail and Institutional Customers

Currently, Gemini Digital Payments Singapore provides spot cryptocurrency trading, custody and over-the-counter (OTC) services to Singapore customers. Although no new products or release plans directly linked to the new license have been announced, Gemini executives are optimistic.

Cameron Winklevoss, president of Gemini, said the approval "verified" the value of the company's investment in Singapore; CEO Tyler Winklevoss called Singapore a strategic hub for serving retail and institutional customers. However, the company did not disclose specific customer number, transaction volume or revenue data in the announcement.

Recently, Gemini has also expanded the range of assets it supports in Singapore, such as enabling XRP's deposit and withdrawal services through XRP Ledger, allowing customers to make direct transfers without routing through other supported networks.

Singapore Crypto Market Licensing Environment

Gemini is not the only digital asset company holding a major payment institution license in Singapore. Coinbase, Crypto.com, OKX, Bitstamp and institutional liquidity provider Cumberland have all obtained relevant licenses locally. The Monetary Authority of Singapore also approved Cumberland's digital token and cross-border payment services in July this year.

Singapore's licensing framework strictly distinguishes between companies with local authorizations and offshore platforms that cannot automatically serve Singapore residents. This strict entity-specific licensing requirement further consolidates Gemini's position in the Asian market, while also placing higher requirements on its systems, staffing and controls. If a licensed institution violates its obligations, the Monetary Authority of Singapore has the power to impose conditions, conduct inspections or take enforcement action.

Since this announcement involves Gemini's privately operated subsidiaries and does not involve publicly traded tokens, there is currently no clear response data on the market. Key development nodes in the future will be any new locally approved products, regional recruitment or specific adjustments to Gemini Singapore services.