Gemini Obtains Singapore Major Payment Institution License

Gemini Digital Payments Singapore Pte. Ltd. has received a Major Payment Institution (MPI) licence from the Monetary Authority of Singapore (MAS). The licence authorises the firm to provide digital payment token services and cross‑border money‑transfer activities, expanding its regulated presence in the city‑state.

Scope of the licence

The MPI licence covers:

• Spot trading of digital payment tokens
• Custody services for retail and institutional clients
• Over‑the‑counter (OTC) trading for large transactions
• Cross‑border transfer services

Regulatory context

Under Singapore’s Payment Services Act 2019, major payment institutions are subject to comprehensive regulation, including anti‑money‑laundering, terrorism‑financing, cybersecurity and customer‑protection requirements. Unlike standard payment institutions, MPI licence holders are not limited by transaction‑volume caps.

Impact on Gemini’s operations

Gemini has served Singapore customers since 2020. The new licence solidifies its ability to continue offering regulated digital‑asset services to both retail and institutional participants. Company executives have highlighted Singapore’s regulatory framework and status as a global financial hub as central to Gemini’s regional strategy.

Broader regulatory developments

MAS is reviewing additional rules for stablecoins, including proposals to ban interest payments on MAS‑regulated stablecoins and to introduce stress‑testing, recovery plans and enhanced safeguards for customer funds. Similar regulatory approvals have been granted to other crypto firms, such as Ripple’s expanded licence for digital‑payment‑token activities.