Singapore approves Gemini crypto exchange for digital payments
Singapore approves Gemini crypto exchange for digital payments
Gemini, the U.S.-based cryptocurrency exchange founded by the Winklevoss twins, has achieved a significant regulatory milestone by securing preliminary approval from the Monetary Authority of Singapore (MAS).
This development marks a pivotal step for Gemini as it seeks to expand its presence in Asia, one of the fastest-growing regions for cryptocurrency adoption, reports Cointelegraph.
The preliminary approval grants Gemini permission to offer digital payment token services under Singapore’s Payment Services Act. Once fully licensed, Gemini will be able to provide a range of crypto services to Singaporean users, including trading, custody, and other digital asset management services. This move aligns with Singapore’s growing embrace of crypto innovation, with the nation positioning itself as a leading hub for blockchain and digital finance in Asia.
Gemini’s co-founder, Cameron Winklevoss, praised the regulatory environment in Singapore, citing its commitment to both innovation and stringent regulatory standards. Singapore’s regulatory framework has been seen as relatively favorable for crypto businesses, attracting companies from around the globe looking for clarity and support from local authorities. By gaining regulatory approval, Gemini aims to serve retail and institutional investors in Singapore, offering them a secure, compliant platform for accessing digital assets.
This approval reflects a broader trend of traditional financial centers like Singapore establishing themselves as crypto-friendly hubs, balancing innovation with regulatory oversight to attract blockchain and digital finance firms. For Gemini, the preliminary approval serves as a foundation for future expansion in Asia, with Singapore potentially acting as a gateway to other markets in the region.
As Gemini awaits final approval from the MAS, the exchange is expected to prepare its services to comply fully with local standards, ensuring user protection and regulatory adherence. This achievement marks a step forward for both Gemini and Singapore in shaping the region's crypto ecosystem.
Recentrly we wrote, that Gemini, the U.S.-based cryptocurrency exchange founded by the Winklevoss twins, has announced that it will shut down all customer accounts in Canada by the end of 2024.
