Gemini receives Singapore payment license for crypto services

Crypto exchange Gemini has received a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), completing its transition from in-principle approval granted nearly two years ago.

On Wednesday, Gemini said the license was awarded to Gemini Digital Payments Singapore, its local entity. The MAS Financial Institutions Directory lists the company as authorized to provide digital payment token services and cross-border money transfers.

MPI license holders can provide regulated payment services without being subject to the transaction-volume limits imposed on standard payment institutions. However, MAS said major payment institutions face more comprehensive regulation because their operations’ scale poses greater risks.

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. Gemini offers spot crypto trading, digital asset custody and over-the-counter services in Singapore.

The full license follows MAS’ in-principle approval of Gemini’s application in October 2024. In April 2025, Gemini moved its Singapore customers from Gemini Trust Company, which operated under an exemption, to its locally incorporated entity while it worked toward securing final approval.