Singapore’s central bank and financial regulator has given in-principle approval to US crypto exchange Gemini to operate as a major payment institution in the city state.
The US-listed company, which was founded by entrepreneur twins Cameron and Tyler Winklevoss, announced the green light from the Monetary Authority of Singapore (MAS) in a statement on October 30.
The company says it will be able to provide cross-border money transfer and digital payment token services in Singapore, and that it will work with MAS to secure the full major payment institution licence.
“Singapore has long been the heart of our operations in Asia Pacific. Since establishing our regional headquarters in Singapore, we’ve focused on expanding our footprint, ensuring that we bring a localised, secure, and compliant trading experience to users across the region,” the company says.
According to Gemini, it currently offers services to 70 countries.
