Crypto exchange Gemini has received in-principle approval (IPA) from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license.

This approval allows Gemini to provide cross-border money transfer and digital payment token services in Singapore.

Gemini shared in a statement,

“Singapore has long been the heart of our operations in APAC.

Since establishing our regional headquarters in Singapore, we’ve focused on expanding our footprint, ensuring that we bring a localised, secure, and compliant trading experience to users across the region.”

Gemini has recently made strategic leadership hires in Singapore, including appointing Saad Ahmed as Head of APAC earlier this year to drive regional strategy and regulatory compliance.

The company is expanding its team in Singapore to support its growth and ensure adherence to local regulations.

Gemini aims to continue its work with MAS to obtain the full MPI license.