Crypto Exchange Gemini Gets Preliminary Approval from MAS to Offer DPT Services

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Last updated:

October 29, 2024 04:41 EDT

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The Winklevoss twins-run crypto exchange Gemini, has received a preliminary nod from Singapore’s regulator on Tuesday. The approval would enable the crypto firm to offer cross-border money transfer and digital payment token (DPT) services.

The Monetary Authority of Singapore (MAS) has granted in-principle approval to the New York-based crypto exchange. Gemini is now one step closer to providing localised services that meet the needs of customers in the region, Saad Ahmed, head of Gemini APAC operations, noted.

“While the United States remains our largest market and global headquarters, Asia and Singapore, in particular, play a crucial role in our global strategy.”

The crypto exchange giant operates in 70 countries, and Singapore has the second-largest customer base after the US.

In 2022, the Singapore regulator said that Gemini Trust Company had an exemption from licensing. At the same time, Genesis Asia Pacific, a subsidiary of Genesis Group, was granted an in-principle approval to offer DPT.

In August, Bitcoin.com listed and compared the best Singaporean crypto exchanges, among which, Gemini topped, following Kraken, Bitget, MEXC and Binance.

Besides, Gemini had been awarded a crypto license by the French watchdog Autorite des marches financiers in January. Additionally, the exchange is gaining a strong foothold in Europe.

In a report released in September, the digital assets exchange said that the number of crypto owners in Singapore dropped slightly from 30% to 26%. Meanwhile, the US and the UK saw steady user adoption from 2022 to 2024, the report revealed.

Gemini Plans to Double Singapore Workforce

The Straits Times reported that Gemini currently has a team of over 40 people in Singapore. However, it is planning to double its workforce in the near future as part of ongoing investments in this market.

Saad Ahmed confirmed that Gemini APAC team is looking for talent in departments including compliance, engineering, product and finance.

“We are also in the middle of our move to a larger office space to accommodate Gemini’s growing local team, a testament to our long-term commitment to Singapore.”

Further, discussing the impact of upcoming US elections on the market and the business, Ahmad said that the global crypto industry would experience “continued growth” regardless of who wins.

There would be some volatility given the macroeconomic and geopolitical environment, he added. “We are optimistic that we will continue to see greater adoption across the region.”