Gemini Obtains Major Payment Institution License from Singapore MAS
In brief
- Gemini Digital Payments Singapore obtained full MPI license from MAS, completing transition from October 2024 in-principle approval
- MPI license holders can offer regulated payment services without transaction-volume caps standard payment institutions face
- Gemini moved Singapore customers to local entity in April 2025 after operating in market since 2020
Regulatory milestone in Singapore
The MPI license marks a significant step in Gemini's regional expansion. MAS granted in-principle approval in October 2024, and the full license now completes that transition. In April 2025, Gemini moved its Singapore customers from Gemini Trust Company, which had operated under an exemption, to the newly licensed local entity.
The distinction between MPI and standard payment institution status carries operational weight. MPI license holders can provide regulated payment services without being subject to the transaction-volume limits imposed on standard payment institutions. This removes a ceiling on transaction throughput, enabling Gemini to scale operations more freely in the market.
Services and market position
Gemini has served customers in Singapore since 2020, offering spot crypto trading, digital asset custody, and over-the-counter services. The MPI license now consolidates these operations under a fully regulated framework rather than exemption-based operations.
The Monetary Authority of Singapore requires major payment institutions to face more comprehensive regulation because their operations' scale poses greater risks. This stricter oversight reflects the regulator's approach to larger players in the payment ecosystem.
"Gemini President and co-founder Cameron Winklevoss said the exchange has served customers in Singapore since 2020, while CEO Tyler Winklevoss described the country as a strategic hub for serving retail and institutional clients." — Cameron Winklevoss and Tyler Winklevoss, Gemini
