The cryptocurrency exchange Gemini has obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), completing its transition from a conditional approval received two years ago. The license has been issued to the local entity Gemini Digital Payments Singapore, which is now authorized to provide digital payment token services and cross-border money transfers without the standard transaction volume limits, as reported by Cointelegraph.
The acquisition of the MPI license allows Gemini to operate without the limits imposed on regular payment institutions. However, MAS emphasizes that holders of large payment licenses are subject to more comprehensive oversight due to the scale of their operations and associated risks. The full license marks the completion of a transition that began with conditional approval from MAS in October 2024. In April 2025, Gemini transitioned its clients from Singapore from Gemini Trust Company, which operated under an exemption, to a locally registered entity. President and co-founder of Gemini Cameron Winklevoss called Singapore a strategic hub for servicing retail and institutional clients. Gemini has been operating in Singapore since 2020, providing spot trading services for crypto, digital asset custody, and over-the-counter trading operations.
The receipt of the full MPI license in Singapore reflects Gemini's expanding presence in regional regulatory jurisdictions and strengthens its position in the Asian market. For crypto exchanges, obtaining approval from MAS, which is considered one of the progressive regulators in the field of digital assets, is critical for legal operations with fiat payments and attracting institutional investors. The decision by MAS to grant Gemini a license without standard volume limits signals recognition of the exchange's significance as a major payment institution in Singapore's ecosystem.