Crypto exchange Gemini has received a Major Payment Institution (MPI) license from Singapore’s Monetary Authority of Singapore (MAS), allowing its local entity to provide regulated digital payment token and cross-border money transfer services without the transaction-volume restrictions applied to standard payment institutions.
The approval marks the completion of Gemini’s transition from an earlier in-principle approval and strengthens the exchange’s position in Singapore, which the company views as a key market for serving both retail and institutional customers.
Gemini Receives MAS Major Payment Institution License
Gemini announced that its Singapore-based entity, Gemini Digital Payments Singapore, has received the full MPI license from MAS.
Singapore’s official Financial Institutions Directory lists the entity as authorized to provide digital payment token services and cross-border money transfer services.
The MPI designation is significant because licensed major payment institutions can operate without the transaction-volume limits that apply to standard payment institutions.
However, the broader authorization also comes with more extensive regulatory requirements. MAS has previously indicated that major payment institutions require stronger regulatory oversight because the scale of their operations can create greater potential risks.
For Gemini, the license provides a more established regulatory framework for expanding its Singapore operations.
Singapore Becomes an Important Regional Hub
Gemini has been serving customers in Singapore since 2020, according to company executives.
Gemini President and co-founder Cameron Winklevoss highlighted the exchange’s existing presence in the market, while CEO Tyler Winklevoss described Singapore as an important strategic location for the company’s retail and institutional operations.
The exchange currently offers several crypto-related services in Singapore, including:
- Spot cryptocurrency trading
- Digital-asset custody
- Over-the-counter trading services
The full regulatory approval could give Gemini greater flexibility as it develops these offerings within Singapore’s regulated digital-asset market.
Approval Completes a Nearly Two-Year Process
Gemini’s latest license follows an in-principle approval received in October 2024.
That preliminary approval represented an important step toward obtaining the final authorization, but the company still needed to complete the necessary regulatory and operational requirements before receiving the full MPI license.
In April 2025, Gemini transferred Singapore customers from Gemini Trust Company to its locally incorporated entity, Gemini Digital Payments Singapore.
The transition allowed the exchange to establish its Singapore operations under the local corporate structure while continuing its efforts to obtain final regulatory approval.
The latest license effectively completes that process.
Why the MPI License Matters
Singapore has established itself as one of Asia’s more significant jurisdictions for regulated cryptocurrency and digital-payment businesses.
An MPI license provides a higher level of authorization than a standard payment institution license and removes certain transaction-volume restrictions.
For Gemini, that distinction could become increasingly important as it seeks to expand its customer base and transaction activity.
The license also demonstrates that the exchange has met MAS’s regulatory requirements for the specific payment services covered by its authorization.
However, the approval should not be interpreted as unrestricted authorization for every type of cryptocurrency activity. Gemini’s operations remain subject to the scope of the license and Singapore’s broader regulatory requirements.
Institutional Crypto Adoption in Focus
Gemini’s Singapore expansion comes as cryptocurrency companies increasingly seek regulated pathways for serving professional and institutional investors.
Institutional customers typically place significant emphasis on regulatory clarity, custody arrangements, compliance infrastructure and access to established financial markets.
A full MPI license can therefore provide an important foundation for an exchange attempting to build long-term institutional business in the region.
For Gemini, Singapore also offers a strategic base from which to develop its presence across the wider Asian digital-asset market.
A New Phase for Gemini in Singapore
The completion of Gemini’s licensing process represents a major milestone for its Singapore operations.
After initially receiving in-principle approval, restructuring its local customer operations and completing the regulatory process, the exchange can now operate its Singapore entity under a full Major Payment Institution license for authorized services.
The development highlights Singapore’s continued role as an important regulatory market for digital assets while giving Gemini a stronger foundation for its local business.
With regulated digital payment token services and cross-border money transfers now covered by the license, Gemini’s next challenge will be turning its regulatory foothold into sustainable growth among Singaporean retail and institutional customers.
