Singapore, Wednesday, October 30, 2024-The Gemini crypto exchange, led by the Winklevoss twins, has secured preliminary approval from Singapore’s Monetary Authority (MAS) to offer digital payment token (DPT) and cross-border money transfer services.
This regulatory nod advances Gemini’s ability to provide locally compliant services in Singapore, a market with Gemini’s second-largest customer base after the United States.
According to Saad Ahmed, Gemini’s Head of APAC operations, this approval marks a significant milestone for the company’s expansion in Asia. “While the United States remains our largest market and global headquarters, Asia—and particularly Singapore—plays a crucial role in our global strategy,” he stated.
Gemini, which currently operates in over 70 countries, has consistently prioritized compliance as it scales its operations across Asia and Europe. Earlier this year, Gemini received a crypto license from France’s financial regulator, Autorité des Marchés Financiers, strengthening its foothold in Europe.
As part of its growth strategy, Gemini plans to double its workforce in Singapore, adding to its existing team of over 40 employees.
The expansion will involve new roles in compliance, engineering, product, and finance, alongside an office relocation to support the growing team.
This regulatory development comes as Gemini reports a slight decline in Singaporean crypto ownership, from 30% to 26%, contrasting with stable adoption rates in the US and UK.
The company remains optimistic about regional growth, despite anticipated market volatility amid macroeconomic factors and the upcoming U.S. elections.
