Digital assets firm Gemini says it has received In-Principle Approval (IPA) from the Monetary Authority of Singapore (MAS) for its Major Payment Institution (MPI) license application under the Payment Services Act 2019 in order to provide cross-border money transfer as well as digital payment token services.
The issuance of the IPA is a considered to be a “significant” milestone that underscores our commitment to operating with the highest regulatory standards and reinforces their dedication to the Singapore market.
As noted in the update from digital assets firm Gemini, Singapore has long been the heart of our operations in APAC.
Since establishing their regional headquarters in the city-state of Singapore, they’ve sharply focused on expanding their footprint, ensuring that their bring a localized, secure, and “compliant trading experience to users across the region.”
At Gemini, they believe that the progressive regulatory frameworks set by MAS strike an optimal balance between fostering “innovation and ensuring consumer protection.”
As part of their ongoing commitment to this fast-growing market, they are now continuing to work towards “achieving the MPI license.”
As part of their ongoing expansion in the APAC region, they have reportedly made significant leadership hires in recent months, including Saad Ahmed, Head of APAC, who has been instrumental in driving their “regional strategy and regulatory engagements.”
Additionally, they continue to grow their professional team in Singapore, with a focus on hiring top talent to “support their continued growth and ensure compliance with local regulations.”
As they look to the future, Gemini says that it remains dedicated to delivering the best possible experience for their users while also “contributing to the growth and development of the digital asset ecosystem in Singapore and across APAC.”
As stated in the update, Gemini remains focused on its continued progress in Singapore as they work towards obtaining the MPI license.
