Gemini

Major

United

Memecoin

<ul class="wp-block-list"><li>Gemini received in-principle approval from Singapore’s MAS for a major payment institution license.</li><li>The MPI license would enable Gemini to provide regulated cross-border transfers and digital payment services in Singapore.</li></ul>The cryptocurrency exchange Gemini, led by the <a href="https://thenewscrypto.com/gemini-founders-donate-bitcoin-to-support-trump-win-biden/" rel="noopener noreferrer nofollow">Winklevoss Twins</a>, has received In-Principle Approval (IPA) from the Monetary Authority of Singapore (MAS) for its Major Payment Institution (MPI) license.&nbsp;<div><blockquote class="twitter-tweet">NEW: Gemini receives In-Principle Approval (IPA) from the Monetary Authority of Singapore (MAS) for its Major Payment Institution (MPI) license Application. This marks a significant step forward in our licensing journey, in line with our commitment to operating with the highest… <a href="https://t.co/A0Z39PloDD" rel="noopener noreferrer nofollow">pic.twitter.com/A0Z39PloDD</a>— Gemini (@Gemini) <a href="https://twitter.com/Gemini/status/1851206485549985927?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">October 29, 2024</a></blockquote></div>According to Tuesday’s announcement via a blog post, the crypto exchange gained the green light under Singapore’s Payment Services Act 2019, which will allow the platform to provide secure and regulated cross-border money transfer and digital payment services. Additionally, Winklevoss Twins’s exchange can be able to offer digital payment solutions to Singapore’s 6 million residents via the current in-principle approval.By receiving this IPA, Gemini expanded its footprint in one of its largest markets outside of the U.S. Since establishing a regional hub in Singapore, Gemini has prioritized localizing its offerings to the unique needs of its customers in the region.Now, Singapore has become Gemini’s second-largest customer base in terms of demographics. Still, Gemini operates in over 70 countries globally, particularly in the Asia-Pacific region.&nbsp;<h3 class="wp-block-heading" id="h-gemini-s-regulatory-hurdles">Gemini’s Regulatory Hurdles</h3>Despite its international expansion, Gemini’s primary operations and headquarters remain in the United States, where it has encountered regulatory hurdles. Notably, the U.S. Securities and Exchange Commission (SEC) sued Gemini last year, alleging the exchange had offered unregistered securities.Further, earlier in October, <a href="https://thenewscrypto.com/gemini-to-wind-down-operations-in-canada-by-end-of-2024/" rel="noopener noreferrer nofollow">announced the closure</a> of all customer accounts in Canada by the end of 2024. The decision comes as the Canadian Securities Administrators (CSA) stricter regulations for crypto exchanges and trading firms’ operations in the country.These regulatory challenges have prompted the crypto exchange to explore opportunities in more welcoming jurisdictions, with Singapore standing out as a key market.&nbsp;Highlighted News Of The Day<a href="https://thenewscrypto.com/can-doge-drive-the-next-memecoin-season/" rel="noopener noreferrer nofollow">Can DOGE Drive the Next Memecoin Season?</a>

Crypto Exchange Gemini Secures In-Principle Approval in Singapore

Table of Contents

TheNewsCrypto

Other articles published on Oct 29, 2024

The Network Effect: How Stellar’s Growth Impacts Scopuly and Its Users

The Smart Investor’s Guide: 5 Undervalued Cryptos with 10x Potential Next Month

Binance Labs's Latest Investment: What Is Lombard Finance?

Tether Reveals Company Asset Reserves Amid Scrutiny

Hong Kong Stock Exchange to Launch Unified Bitcoin and Ethereum Index

SEC Challenges Court's XRP Ruling in Formal Appeal

Join our free newsletter for daily crypto updates!