Gemini, a US-based cryptocurrency exchange, is expanding its reach in Asia by setting up shop in Singapore. The Monetary Authority of Singapore (MAS), the country’s financial regulator, has given Gemini the green light to operate as a Major Payment Institution (MPI). This means Singaporeans will soon be able to use Gemini for cross-border money transfers and other digital payment services.
A New Player in the Singaporean Crypto Market
Gemini sees this move as a major milestone, highlighting their commitment to operating in a country with strong regulatory standards. They also point to the thriving crypto market in Singapore, which already boasts other big players like Coinbase, Crypto.com, Binance, and OKX.
Singapore: A Key Market for Gemini
Gemini has been actively seeking to establish itself in Singapore, which they consider a key hub for their operations in the region. They’ve already set up their regional headquarters there and are focused on expanding their presence in Singapore and other Asia-Pacific countries. Their goal is to offer a localized, secure, and compliant trading platform across the region.
Gemini believes that Singapore’s regulatory framework strikes a good balance between fostering innovation and protecting consumers.
Gemini’s Asia-Pacific Expansion
Besides Singapore, Gemini is also active in other Asia-Pacific countries like the Philippines, Taiwan, South Korea, and Vietnam.
Pulling Out of Canada
While Gemini is expanding in Asia, they’re also shutting down their operations in Canada. This decision is linked to new regulations introduced by the Canadian Securities Administrators (CSA) that require digital asset trading platforms to complete a “pre-registration undertaking” to continue operating in the country. Gemini has given Canadian customers until December 31, 2024, to withdraw their funds.
With its focus on Asia, Gemini is betting on the region becoming a major player in the global crypto market. /p>
