Winklevoss Twins’ Gemini Wins Singapore Approval for Crypto Expansion

Key Takeaways

• Gemini secures major regulatory approval in Singapore, expanding its global footprint.
• The Winklevoss-owned crypto exchange will be able to offer cross-border crypto transaction services.
• Singapore is the second largest market for Gemini after the U.S.

The Monetary Authority of Singapore (MAS) has granted in-principle approval to the Winklevoss twins-led crypto exchange Gemini to offer cross-border crypto transaction services in the city-state.

The MAS nod comes as Gemini continues aggressively expanding its global footprint, with the exchange already operating in 70 countries.

A Key Milestone in Gemini’s Expansion Plans

While the current approval is limited to cross-border services, Saad Ahmed, Gemini’s Asia Pacific head, expressed confidence that the exchange would soon secure approval for localized services as well.

In a recent interview , Ahmed emphasized the importance of Singapore to Gemini’s regional strategy, highlighting the city-state’s position as the exchange’s Asia-Pacific hub.

Interestingly, Singapore is the world’s second-largest market for the New York-based exchange after the United States.

Ahmed revealed that Gemini is currently in the process of relocating to a larger office space in Singapore.

The exchange plans to expand the company’s local team, with Gemini currently seeking talent across a range of roles, including compliance, engineering, product, and finance.

Singapore’s Rising Status as a Crypto Hub

Singapore has emerged as a major Asian crypto hub, with a supportive regulatory environment and a thriving ecosystem.

The MAS has been at the forefront of promoting innovation while ensuring investor protection.

Over the years, the regulator has approved multiple overseas crypto platforms, including OKX , Kraken, and Coinbase, to offer their services to Singaporean customers.

The MAS is among the few regulators that offer a comprehensive regulatory framework.

The regulator published its first regulatory framework for digital assets in 2019.

The government has since amended the Payment Service Act to include cryptocurrencies.

In July 2023, the MAS issued new crypto regulations with a focus on investor protection.

The regulator’s proactive approach has helped to create a favorable business environment, attracting numerous foreign crypto exchanges, including Gemini, to set up operations in Singapore.