Gemini obtains Singapore Major Payment Institution license

Gemini Digital Payments Singapore received a Major Payment Institution (MPI) licence from the Monetary Authority of Singapore (MAS) on September 9, completing a nearly two‑year approval process.

Scope of the licence

The MPI licence authorises Gemini’s locally incorporated entity to provide regulated digital payment token services and cross‑border money‑transfer services under Singapore’s Payment Services Act. Unlike standard payment institutions, MPI holders are not subject to monthly transaction‑volume caps, although they must comply with broader regulatory obligations.

Operational impact

Since April 2025, Singapore customers have been migrated from the U.S.–based Gemini Trust Company to Gemini Digital Payments Singapore. The transition required users to accept updated agreements and privacy terms. The new licence removes the temporary exemption under which the local entity operated while the application was pending.

Services offered

Gemini’s Singapore operation currently offers spot cryptocurrency trading, custodial services, and over‑the‑counter (OTC) transactions. The company has recently added XRP deposits and withdrawals via the XRP Ledger for Singapore users.

Regulatory context

Gemini joins a growing list of crypto firms holding MPI licences in Singapore, including Coinbase, Crypto.com, OKX, Bitstamp and Cumberland. MAS requires MPI licence holders to maintain robust anti‑money‑laundering controls, customer due diligence, technology‑risk management and regular regulatory reporting. The regulator may conduct inspections or impose enforcement actions for non‑compliance.

Strategic significance

Gemini’s leadership described the approval as validation of the firm’s investment in Singapore and a step toward using the country as a regional hub for retail and institutional customers. No specific product launches, hiring plans or financial metrics were disclosed alongside the licence announcement.