Gemini and other prominent cryptocurrency trading platforms are drawn to Singapore by its hospitable regulatory environment.
In a statement released on October 29, cryptocurrency exchange Gemini announced that the Monetary Authority of Singapore (MAS) had granted it in-principle clearance to offer services related to digital payment tokens and cross-border money transfers.
According to the Winklevoss twins-led exchange, the license aligns with its larger worldwide plan to increase its market share, particularly in the Asia-Pacific (APAC) region.
Why Gemini Choose Singapore?
According to Gemini, obtaining a license in Singapore demonstrates the company’s dedication to the area and maintaining the highest regulatory standards. It further stated that it would keep trying to get the complete MPI license.
The conversation said:
“Singapore has long been the heart of our operations in APAC. Since establishing our regional headquarters in Singapore, we’ve focused on expanding our footprint, ensuring that we bring a localized, secure, and compliant trading experience to users across the region.”
Singapore is Gemini’s most significant client base outside of the US, and the regulatory permission will support the company’s expansion there, according to Saad Ahmed, Head of Asia-Pacific at Gemini.
Gemini intends to increase its office space to accommodate the expanding team and double its present staff of 40 workers in Singapore as part of this commitment.
Singapore’s expanding cryptocurrency market.
With its welcoming atmosphere, Singapore has emerged as a regulatory leader in the cryptocurrency sector, drawing in many digital asset firms. The city-state is a favored location for cryptocurrency companies due to its transparent and uniform regulations, which enable them to conduct business with assurance and transparency.
The growing list of cryptocurrency companies permitted to operate in Singapore now includes Gemini, which has received in-principle clearance.
The MPI license for OKX’s Singaporean business, OKX SG, was authorized by the MAS last month. MAS has also approved major platforms like Coinbase, Upbit, and Ripple to serve Singaporean clients.
The nation already has 28 licensed cryptocurrency-related enterprises, which is among the highest in Asia.