Gemini has received a Major Payment Institution (MPI) license from Singapore's Monetary Authority (MAS), the crypto exchange announced. The license validates Gemini's existing spot trading, custody, and OTC services in the city-state.
MAS granted the full license following in-principle approval in October 2024. The MPI designation allows Gemini to offer digital payment services under Singapore's regulatory framework. Gemini did not announce plans to expand beyond its current service offerings in the region.
The exchange has operated in Singapore since 2018, when it first established a local presence to serve institutional and retail clients across Asia-Pacific. Gemini's Singapore unit currently manages client assets and processes over-the-counter transactions alongside its spot trading platform. The MPI license formalizes the compliance infrastructure Gemini had built during the in-principle approval phase.
MAS has issued MPI licenses to a limited set of regulated entities in the digital payments space. The license category, introduced in 2020, requires applicants to meet capital adequacy, operational resilience, and anti-money laundering standards. Gemini's approval places it alongside other licensed payment service providers offering crypto and stablecoin services in Singapore.
Gemini's announcement confirms the license covers spot trading, custody, and OTC services, the three service lines already available to Singapore-based customers. The company did not disclose a timeline for any additional service launches or regulatory filings beyond the MPI designation.
Singapore's regulatory stance on crypto has drawn institutional interest from platforms seeking to operate across Asia. The MAS has granted MPI licenses to fewer than 20 entities since the category's inception. Gemini's six-year operating history in the jurisdiction likely informed MAS's decision to grant full licensure after the intermediate approval step.
Gemini now holds full MPI status for its Singapore operations. Whether Gemini uses the license to launch new products or stablecoin services is the metric that would indicate material expansion beyond current offerings.
