Gemini Wins Major Payment Institution License in Singapore, Expands Local Business
Summary
- U.S. cryptocurrency exchange Gemini said it has formally obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore.
- The approval allows Gemini to provide digital payment token (DPT) services and cross-border money transfer services in Singapore.
- Companies holding an MPI license can offer approved payment services without transaction caps, but are subject to stricter rules including enhanced customer fund protection requirements.
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U.S. cryptocurrency exchange Gemini has obtained a Major Payment Institution license from the Monetary Authority of Singapore.
Cointelegraph reported on September 9 that Gemini said it had formally secured the MPI license through its Singapore entity. The approval allows the company to provide digital payment token services and cross-border money transfer services in Singapore.
Companies holding an MPI license can offer approved payment services without the transaction limits applied to standard payment institutions. They are, however, subject to stricter regulations, including enhanced safeguards for customer funds, because of the greater risks associated with larger-scale operations.
Gemini currently offers spot cryptocurrency trading and custody services in Singapore to retail and institutional clients.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul