Singapore's Monetary Authority has granted Gemini a Major Payment Institution license, covering digital payment token and cross-border transfer services. The approval enables Gemini Digital Payments Singapore Pte. Ltd. to continue offering spot trading, custody, and over-the-counter services to both retail and institutional customers in the city-state.
Gemini has operated in Singapore since 2020. The Major Payment Institution designation allows the exchange to provide regulated services without transaction-volume limits that apply to standard payment institutions. Under Singapore's Payment Services Act 2019, major institutions face more comprehensive regulation and must meet heightened requirements designed to protect customer funds.
Cameron Winklevoss, Gemini president and co-founder, stated that the license validates the company's commitment to Singapore. Tyler Winklevoss, Gemini CEO and co-founder, described Singapore's regulatory framework as central to the company's regional strategy, positioning the city-state as a natural hub for serving customers across the Asia-Pacific region.
The license reflects Singapore's approach of combining regulatory opportunities with strict compliance requirements covering money laundering, terrorism financing, cybersecurity, and customer protection. Other global digital asset firms including Coinbase, Okx, Bitgo, and Anchorage have similarly established regulated operations in Singapore.
Singapore's regulators have also proposed legislative changes to strengthen protections in the digital asset market. Proposed updates would introduce stress tests, recovery plans, orderly wind-down arrangements, and enhanced safeguards for customer funds.
