Gemini has secured a full Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), a significant regulatory milestone for the exchange's Asia-Pacific operations. Gemini Digital Payments Singapore Pte. Ltd. received the license following in-principle approval granted by MAS in October 2024.
Under Singapore's Payment Services Act, Major Payment Institutions must meet comprehensive regulatory requirements commensurate with their scale and operational risks. The MPI designation authorizes Gemini to provide regulated payment services and requires compliance with safeguards for protecting customer funds.
Scope of the License
The license grants Gemini authorization to provide Digital Payment Token (DPT) services, which cover regulated activities involving digital payment tokens—Singapore's regulatory classification for crypto assets. According to MAS, 37 Major Payment Institutions currently offer DPT services, including Coinbase Singapore, Circle Internet Singapore, BitGo Singapore, and Blockchain.com Singapore.
Gemini now operates within this established framework of regulated digital-asset businesses in Singapore. The exchange currently provides spot trading, digital-asset custody, and over-the-counter services to both retail and institutional clients in the country.
Expansion Context
The MPI license represents the conclusion of nearly two years of regulatory progress for Gemini in Singapore. The company is expanding beyond its core crypto exchange business, recently launching commission-free U.S. stock trading, 24/5 equities trading, and tokenized stocks. Gemini has also obtained U.S. regulatory approvals to operate its own prediction-market exchange and clearing infrastructure.
