Gemini has received a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), completing its transition from in-principle approval granted in October 2024. The license was awarded to Gemini Digital Payments Singapore, authorizing the entity to provide digital payment token services and cross-border money transfers. This regulatory milestone allows Gemini to operate without the transaction-volume limits imposed on standard payment institutions, though it subjects the firm to more comprehensive oversight due to operational scale risks.
The exchange has served customers in Singapore since 2020, offering spot crypto trading, digital asset custody, and over-the-counter services. In April 2025, Gemini migrated local customers from Gemini Trust Company, which operated under an exemption, to its locally incorporated entity while pursuing final approval. President Cameron Winklevoss noted the long-standing service history, while CEO Tyler Winklevoss described Singapore as a strategic hub for retail and institutional clients.
This development signifies Gemini’s full integration into Singapore’s regulated financial infrastructure, moving beyond provisional status to permanent authorization. By securing the MPI license, the exchange aligns its operations with MAS standards, enabling broader service offerings such as cross-border transfers and digital payment tokens without volume restrictions. The transition reflects a deliberate strategy to consolidate regulatory compliance within a single local entity, replacing earlier exempted structures.
From a Compliance perspective, the shift highlights the trade-off between operational flexibility and regulatory burden. While the MPI status removes transaction caps, it imposes stricter oversight proportional to risk scale. For institutional adoption, this clarity reduces counterparty uncertainty, positioning Singapore as a verified jurisdiction for custody and OTC services. Market structure implications suggest that fully licensed entities like Gemini may gain competitive advantages in attracting risk-averse capital seeking regulated environments.
