Key Insights:
- While standard payment volume caps fall in the way of regulated services in Gemini, they are not in its way.
- Its Singapore subsidiary now carries direct regulatory responsibility for approved activities.
- The license strengthens its position against other regulated crypto exchanges in the market.
Gemini received a major payment institution license from Singapore’s Monetary Authority on September 9. The approval gives its local subsidiary authority to provide digital payment token services and cross-border money transfers.
The license completes a regulatory process that began with in-principle approval in October 2024. It also removes the transaction-volume limits that apply to smaller payment institutions under Singapore’s payment framework.
🇸🇬 Big news: We're pleased to announce that Gemini Digital Payments Singapore, Pte. Ltd. (GDPSPL) has received a Major Payment Institution licence from @MAS_sg, allowing us to provide Digital Payment Token and Cross-Border Money Transfer services.
Singapore continues to… pic.twitter.com/zUb9gnTJbF
— Gemini (@Gemini) September 9, 2026
Singapore grants Gemini full regulatory approval
The MAS Financial Institutions Directory lists Gemini Digital Payments Singapore as a licensed major payment institution. Its approved activities include digital payment token services and cross-border money transfers.
The approval marks a major step from Gemini’s earlier exempt status. The exchange has served Singapore customers since 2020 through its wider corporate structure.
However, the new license places its regulated Singapore operations directly under the local entity. That change gives the company a clearer framework for expanding its presence.
Major payment institutions may carry out transactions exceeding the transaction limits. However, they are subject to more regulatory obligations as a larger operation may pose more risks. This also means that the license brings in additional operating capability and increased compliance requirements.
A Two-Year Path to Final Approval.
In October 2024, Gemini was granted the in-principle approval for the MPI license by MAS. The preliminary approval was for digital payment token services and cross-border money transfers.
The exchange then prepared its Singapore operations for final authorization. In April 2025, it moved local customers from Gemini Trust Company to its Singapore-incorporated subsidiary.
Customers accepted updated agreements during that transition. The local entity continued operating under an exemption while MAS reviewed the final license.
The September approval now ends that interim arrangement for the approved activities. It also establishes the Singapore company as the regulated provider for those services.
The regulatory timeline highlights Singapore’s approach to digital asset firms. Companies must meet detailed requirements before receiving full authorization.
What the license changes for customers
The license allows Gemini to continue offering regulated digital asset services in Singapore. Its existing services include spot cryptocurrency trading, custody and over-the-counter transactions.
Cross-border transfer authorization could also support broader international payment activity. However, Gemini has not announced a specific new product tied directly to the approval.
The company also has room to scale operations without standard transaction-volume restrictions. That flexibility could become important as customer activity and institutional demand increase.
Cameron Winklevoss, Gemini’s president and co-founder, said the approval validates the company’s investment in Singapore. CEO Tyler Winklevoss has also described the country as a strategic hub for retail and institutional clients.
Singapore’s regulatory bar raises the stakes
The approval places Gemini among several digital asset firms with MPI licenses in Singapore. Coinbase, Crypto.com, OKX and Bitstamp also hold major payment institution licenses.
That competitive landscape makes regulatory authorization increasingly important for international exchanges. Singapore continues to separate locally licensed firms from offshore platforms serving other markets.
The framework also requires licensed institutions to maintain strong anti-money laundering controls. Firms must meet customer due diligence, technology risk and regulatory reporting requirements.
The nod might lead to more hiring and to localizing the products for Gemini. It could also stimulate greater institutional interest in the region of Southeast Asia.
Still, the license does not authorize every service offered by the wider Gemini group. MAS authorization applies specifically to the Singapore entity and its approved activities.
The road ahead for Gemini
The next stage will show whether Gemini converts regulatory approval into broader market activity. The company has not disclosed Singapore customer numbers, transaction volumes or revenue.
Its future expansion will likely depend on customer demand and additional regulatory permissions. Institutional services could remain an important focus as the exchange builds its regional footprint.
The approval also gives competitors a clearer signal about Singapore’s regulatory expectations. Firms seeking similar access must demonstrate operational controls alongside their digital asset capabilities.
For Gemini, the September decision marks the end of a lengthy licensing process. It now has a full regulatory framework for expanding its approved Singapore operations.
Conclusion
The Singapore license is a big move towards Gemini’s expansion in the area of Asia. The clearance provides a greater flexibility for scaling crypto services in its local entity.
The license also imposes new compliance obligations on the licencee under the oversight of MAS, however. The company will now need to execute this regulatory achievement and customer demand and additional approvals for additional services in order to realize the market growth benefits.
