Gemini Enters Singaporean Market Through MPI License Approval
Gemini, the cryptocurrency exchange established by Tyler and Cameron Winklevoss, has obtained preliminary approval for its Major Payment Institution license application in Singapore as part of its expansion efforts in Asia.
Strongly Committed
In an official statement released on Tuesday, the company noted that this initial endorsement by the Monetary Authority of Singapore highlights its commitment to the Singaporean market, which has been central to its operations in the Asia-Pacific region. The MPI license permits exchanges to offer cross-border money transfer and cryptocurrency payment services.
Since setting up their regional headquarters in Singapore, Gemini has prioritized expanding its presence worldwide, ensuring a localized, secure, and compliant trading experience for users throughout the region.
Continued Expansion
The update regarding the license application follows the appointment of Saad Ahmed as the head of APAC in January. Ahmed has previously held leadership positions at Uber and Grab in the area. In June of the previous year, Gemini revealed plans to enhance its hub in Singapore to target the Asian market while exploring opportunities beyond the U.S.
The company reiterated on Tuesday that it continues to grow its team in Singapore, particularly focusing on talent in growth support and compliance. In related news, a recent report by Aspen Digital indicated that 76% of private wealth in Asia has engaged with digital assets, with an additional 18% intending to invest in the future.
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