Gemini received a Major Payment Institution license from the Monetary Authority of Singapore on Sept. 9, completing an approval process that lasted almost two years.
Summary
- Gemini received Singapore’s Major Payment Institution license for regulated cryptocurrency and cross-border transfer services Wednesday.
- MAS authorizes Gemini Digital Payments Singapore to provide digital payment token services locally under regulation.
- Major payment institutions operate without standard transaction-volume limits but face broader regulatory obligations in Singapore.
- Gemini transitioned Singapore customers to its locally incorporated entity during April 2025 preparations for licensing.
- Singapore customers can access spot trading, custody and over-the-counter services through Gemini’s licensed local operation.
The license covers Gemini Digital Payments Singapore, the exchange’s locally incorporated entity. The company can provide digital payment token services and cross-border money transfers under Singapore’s Payment Services Act.
Gemini had operated in the country since 2020. MAS granted the company in-principle approval for the MPI license in October 2024, subject to Gemini satisfying the regulator’s remaining conditions.
Gemini’s Singapore license removes standard volume caps
The MAS Financial Institutions Directory lists Gemini Digital Payments Singapore as a licensed major payment institution. Its approved activities include digital payment token and cross-border money transfer services.
An MPI license allows its holder to exceed the transaction limits applied to standard payment institutions. Those thresholds normally restrict the monthly value that a standard institution can process across regulated payment services.
The absence of standard volume caps does not mean Gemini will operate without restrictions. MAS says major payment institutions face more comprehensive regulation because their larger operations can create greater financial and operational risks.
The license requires continued compliance with rules covering anti-money laundering controls, customer due diligence, technology risk and regulatory reporting. Authorization applies to Gemini’s Singapore entity and its approved services, rather than every product offered by the wider Gemini group.
Full approval follows Gemini’s 2024 preliminary license
Gemini received in-principle approval from MAS in October 2024. As crypto.news previously reported, the preliminary approval covered crypto and cross-border payment services while the company worked toward full authorization.
In April 2025, Gemini transferred its Singapore customers from U.S.-based Gemini Trust Company to Gemini Digital Payments Singapore. The local company operated under a temporary exemption while its license application remained under review.
Gemini informed customers through a support notice that the transition would change their contracting entity. Customers had 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. It also places responsibility for regulated Singapore services directly with the local entity.
Gemini will serve retail and institutional customers
Gemini Digital Payments Singapore currently offers spot cryptocurrency trading, custody and over-the-counter services. The company has not announced new products or a launch schedule tied directly to the license.
Gemini President Cameron Winklevoss said the approval “validates” the company’s investment in Singapore. Chief Executive Tyler Winklevoss described the country as a strategic hub for serving retail and institutional customers.
Those statements describe Gemini’s intended regional strategy. The company did not disclose its Singapore customer count, transaction volume or revenue in the license announcement.
The exchange has recently expanded local asset support. In related coverage, Gemini enabled XRP deposits and withdrawals through the XRP Ledger for customers in Singapore, allowing direct transfers without routing them through another supported network.
Singapore maintains selective crypto licensing
Gemini joins other digital asset companies holding MPI licenses in Singapore, including Coinbase, Crypto.com, OKX, Bitstamp and institutional liquidity provider Cumberland.
MAS approved Cumberland’s digital token and cross-border payment services in July. The regulator has also taken action against companies that failed to meet its standards.
Singapore’s licensing framework distinguishes between firms with local authorization and offshore platforms that may be accessible elsewhere. An international exchange’s global operations do not automatically permit it to serve Singapore residents.
Meanwhile, the approval also strengthens Gemini’s position in Asia as regulators apply entity-specific licensing requirements to crypto platforms.
Gemini must now maintain the systems, staffing and controls required by its MPI license. MAS can impose conditions, conduct inspections or take enforcement action if a licensed provider breaches its obligations.
No verified market reaction was available because the announcement concerned Gemini’s private operating subsidiary and did not involve a publicly traded token. The next measurable developments will be any new locally approved products, regional hiring or changes to Gemini’s Singapore services.
