Singapore grants Gemini full payment institution license for digital asset operations
The cryptocurrency exchange's Singapore-based subsidiary has secured authorization to offer digital payment tokens and international remittance services free from typical volume restrictions.
The cryptocurrency trading platform Gemini has secured a Major Payment Institution (MPI) license issued by the Monetary Authority of Singapore (MAS), finalizing a transition process that began with preliminary approval obtained almost two years earlier.
In an announcement made on Wednesday, Gemini revealed that the license had been granted to Gemini Digital Payments Singapore, the company's Singapore-based subsidiary. According to the MAS Financial Institutions Directory, the entity is now authorized to offer both digital payment token services as well as cross-border money transfer capabilities.
Entities holding an MPI license are permitted to offer regulated payment services free from the transaction-volume restrictions that apply to standard payment institutions. The MAS noted, however, that major payment institutions are subject to more stringent regulatory oversight due to the heightened risks associated with the larger scale of their business operations.
Cameron Winklevoss, Gemini's President and co-founder, noted that the platform has been providing services to Singaporean customers since 2020, while his brother and CEO Tyler Winklevoss characterized the nation as a crucial strategic center for catering to both retail and institutional clientele. Within Singapore, Gemini provides spot cryptocurrency trading, digital asset custody solutions and over-the-counter trading services.
The finalized license comes after the MAS granted in-principle approval for Gemini's licensing application in October 2024. During April 2025, Gemini transferred its Singapore-based customers from Gemini Trust Company, which had been operating under a regulatory exemption, to its locally incorporated subsidiary while pursuing final regulatory approval.