Tyler and Cameron Winklevoss’ cryptocurrency exchange confirmed that it has received preliminary approval for its application for a Major Payment Institution license.
Gemini, the crypto exchange established by Tyler and Cameron Winklevoss, has been granted in-principle approval for its Major Payment Institution license application in Singapore. This authorization is part of Gemini’s ongoing expansion in Asia.
A statement released by the corporation on Tuesday emphasized its “dedication to the Singapore market” and said that the city-state has always been “the heart of our operations in APAC.” It went on to say that the preliminary permission from the Monetary Authority of Singapore further solidifies this commitment. MPI licenses enable exchanges to offer cross-border money transmission and crypto payment services.
“We have been focused on growing our reach since establishing our regional headquarters in Singapore. Our goal is to provide users throughout the area with a localized, safe, and legal trading experience,” Gemini said.
After hiring Saad Ahmed as its director of APAC in January, Gemini updated its license application. Ahmed has previously held leadership positions at Uber and Grab in the region.
In an effort to identify opportunities beyond the United States, Gemini declared in June of last year that it would be expanding its center in Singapore to focus on the Asian market. In the Tuesday statement, the organization disclosed that it is continuing to expand its workforce in Singapore, with an emphasis on compliance and growth support talent.
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