The In-Principle approval will allow Gemini to offer limited payment services in Singapore.
Leading American cryptocurrency exchange Gemini has secured a regulatory win in Singapore, weeks after bidding goodbye to the Canadian market due to an unfavorable regulatory environment.
According to a report published by The Straits Times on October 29, the company received In-Principle approval from the Monetary Authority of Singapore (MAS) to provide cross-border money transfer and digital payment token services in the country.
Gemini to Expand Singapore Office and Headcount
As a US-based company, Gemini has been gradually expanding its presence across the globe including the Asian Pacific Region (APAC). The company’s head of the region Saad Ahmed said the exchange considers Singapore as a very important market for its global expansion strategy.
“While the United States remains our largest market and global headquarters, Asia and Singapore in particular play a crucial role in our global strategy,” he said.
Gemini has encountered a series of legal challenges in the United States due to regulatory uncertainty in the market. Last year, the country’s Securities and Exchange Commission (SEC) sued the exchange for operating unregistered offerings. The legal challenges have pushed the company into exploring other markets with a special interest in Singapore.
Ahmed said that Singapore currently ranks as the second largest market for the exchange after the US in terms of number of customers. He further disclosed that the company is planning to double its workforce and expand its office space. Currently, Gemini L boasts of over 40 teams across different segments.
“We are also in the middle of our move to a larger office space to accommodate Gemini’s growing local team, a testament to our long-term commitment to Singapore. We are looking for talent across a wide range of roles, including compliance, engineering, product and finance,” he said.
Not the First
Meanwhile, Gemini is not the first crypto company exploring the Singapore market. Last month, EDXM Global, a digital asset trading platform based in New Jersey announced its plans to launch a dedicated perpetual futures venue in the country.
Through this platform, the company will offer users the opportunity to trade perpetual futures contracts in both Bitcoin (BTC) and Ethereum (ETH). The venue is scheduled for official launch in early next year within the first three months.
The upcoming launch of the platform is not the company’s first foray into the Singapore market. Earlier this year, EDXM Global rolled out its Singapore-based settlement service in May 2024.
Apart from the company, other crypto firms such as OKX entered the Asian market in September this year. The company obtained a Major Payment Institution (MPI) license from MAS to offer a different range of services including digital payments services.
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