Gemini receives Singapore MPI license

Gemini, the cryptocurrency exchange, has secured a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), allowing its local entity, Gemini Digital Payments Singapore, to offer regulated digital payment token and cross-border money transfer services. The authorization marks the completion of a regulatory process that began with an in-principle approval in October 2024. The MPI license permits Gemini to operate without the transaction volume limits typically imposed on standard payment institutions. However, the license also subjects the company to enhanced regulatory oversight and compliance requirements due to the increased risks associated with larger-scale operations. These obligations include maintaining robust anti-money laundering controls, customer due diligence, technology risk management, and regular regulatory reporting. Gemini has been serving customers in Singapore since 2020 and views the city-state as a strategic hub for its retail and institutional business. The exchange currently provides spot cryptocurrency trading, digital asset custody, and over-the-counter services in Singapore.