Gemini received a Major Payment Institution (MPI) license from the Monetary Authority of Singapore on September 8, completing its transition from the in-principle approval granted nearly two years ago. According to AMBCrypto, the license covers Gemini Digital Payments Singapore, the exchange's locally incorporated entity, which can provide digital payment token services and cross-border money transfers under Singapore's Payment Services Act. The MAS Financial Institutions Directory now lists Gemini Digital Payments Singapore as a licensed major payment institution with approved activities including digital payment token and cross-border money transfer services. As reported by Gemini, this regulatory approval positions the exchange to serve both retail and institutional customers more effectively in Singapore.
The full MPI license removes the monthly transaction limits that apply to smaller payment service providers under Singapore's Payment Services Act, allowing Gemini to scale its operations in the city-state without regulatory friction tied to volume thresholds. As reported by AMBCrypto, this significant upgrade from the in-principle approval stage positions Gemini among a select group of crypto exchanges operating with full regulatory authorization in Singapore. The license allows Gemini to exceed transaction limits applied to standard payment institutions, which normally restrict the monthly value that standard institutions can process across regulated payment services. According to Gemini, this regulatory approval will allow the company to provide essential services, tapping into the growing demand for digital assets and payment solutions in Southeast Asia.
In April 2025, Gemini transferred its Singapore customers from U.S.-based Gemini Trust Company to Gemini Digital Payments Singapore, which operated under a temporary exemption while its license application remained under review. According to TradingView News, the company informed customers through a support notice that the transition would change their contracting entity, requiring them to accept updated user agreements and privacy terms to continue using the platform. The final license ends Gemini's reliance on that exempt arrangement for the approved activities and places responsibility for regulated Singapore services directly with the local entity. As reported by Gemini, this regulatory approval could potentially lead to increased user engagement and transaction volumes as the exchange expands its service offerings in Singapore.
Gemini Digital Payments Singapore currently offers spot cryptocurrency trading, digital asset custody and over-the-counter services. As reported by AMBCrypto, the exchange will now have a stronger regulatory foothold in one of Asia's financial hubs, with the MPI license allowing it to operate as an approved payment services provider in Singapore without the low transaction limits that smaller payment institutions may face. The cross-border money transfer authorization could support remittance-style services and facilitate international fund movements for institutional clients. Gemini President and co-founder Cameron Winklevoss said securing the MPI license from MAS validates the company's commitment and investment into Singapore, while CEO Tyler Winklevoss described Singapore as a strategic centre for the company. The company has not announced new products or a launch schedule tied directly to the license, though it recently expanded local asset support by enabling XRP deposits and withdrawals through the XRP Ledger for Singapore customers.
Gemini joins other digital asset companies holding MPI licenses in Singapore, including Coinbase, Crypto.com, OKX, Bitstamp and institutional liquidity provider Cumberland. According to TradingView News, the full license follows MAS' in-principle approval of Gemini's application in October 2024. Singapore's licensing framework distinguishes between firms with local authorization and offshore platforms, with an international exchange's global operations not automatically permitting it to serve Singapore residents. AMBCrypto reports that with the full MPI license in hand, Gemini is positioned to expand its product suite for both retail and institutional clients in Singapore, with the company likely prioritizing institutional services first given the regulatory clarity the MPI license provides. As reported by Gemini, observers will be watching for any subsequent moves by other exchanges in the region, particularly those aiming to enhance their compliance with local regulations, which could lead to a shift in competitive dynamics within the Southeast Asian market.
