Singapore Grants Gemini Full Licence to Provide Crypto Payment Services

Gemini Exchange obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS) on Wednesday, which took about two years to win. This license applies to Gemini Digital Payments Singapore, the subsidiary firm that operates in the country. The firm will now be able to offer digital payment token services and make cross-border payments under the Payment Services Act of Singapore. Gemini has been operating in the country since 2020. The company had already received an in-principle approval for the MPI license back in October 2024 from MAS. It was all subject to Gemini satisfying the regulator's remaining conditions. 

Gemini Faces Stricter Compliance Requirements Under Singapore Rules

MAS Financial Institutions Directory includes Gemini Digital Payments Singapore in the list of licensed major payment institutions. Their authorised activities include digital payment tokens and cross-border money transfers. The MPI license permits its owner to have an upper limit higher than the one set for regular payment institutions. This upper limit is set to the amount of transactions that a regular institution may do per month.

Even though there is no universal volume cap, Gemini will not run wild in terms of regulations. According to MAS, significant payment service providers are subject to stricter regulation due to the possibility of higher operational risk. The requirements for continued compliance include anti-money laundering policies, customer due diligence procedures, technology risks, and regulatory reporting. The authorisation covers the Singapore entity of Gemini and its licensed services but not every product in the Gemini Group.

At present, Gemini Digital Payments Singapore provides spot cryptocurrency trading, custody, and OTC services. There have been no plans disclosed by Gemini to launch any new products based on the license. Cameron Winklevoss, President of Gemini, stated that the license “validates” its efforts in Singapore. Tyler Winklevoss, CEO of Gemini, referred to Singapore as an important node to serve retail and institutional clients. These comments reflect the company's regional strategy. No customer numbers, transaction volumes, or revenues from Singapore operations were disclosed by Gemini.

In May 2025, the Monetary Authority of Singapore (MAS) outlined certain requirements to be fulfilled by Digital Token Service Providers (DTSPs) in Singapore. Crypto firms were directed to halt overseas operations by the end of the month, as part of efforts to establish more control over crypto-related services. The regulator has also decided to limit the licenses issued to DTSPs.