Cryptocurrency exchange Gemini has received an in-principle approval (IPA) for its major payment institution license in Singapore. The Monetary Authority of Singapore (MAS) has approved the exchange founded by the Winklevoss twins in an effort to further solidify its presence in the Asia-Pacific region — but legal and regulatory questions remain for Gemini.
Popular cryptocurrency exchange Gemini (Gemini Trust Company, LLC) announced on Tuesday that its application for a major payment institution license in Singapore has been granted “in-principle approval (IPA)”.
“We are pleased to announce that Gemini has received in-principle approval… to provide cross-border remittance and digital payment token services,” the company noted in a blog post.
The application, which has been approved by the Monetary Authority of Singapore (MAS), Singapore’s central bank and financial regulator, marks a new step in the cryptocurrency company’s expansion into the Asia-Pacific region, where it already has a regional headquarters.
Gemini IPA gets approval amid regulatory woes
As calls for the removal of cryptocurrencies from centralized exchanges (CEXs) grew on social media, Gemini announced in September that it would close the accounts of Canadian users by the end of 9 due to new regulations from the Canadian Securities Administrators.
Apart from this, the mid-ranked leading cryptocurrency exchange has been mired in legal disputes and consumer doubts in recent years.
Gemini’s blog post also noted: “As part of our continued expansion in the Asia Pacific region, we have made several key leadership hires in recent months, including Saad Ahmed, Head of Asia Pacific, who has been instrumental in driving our regional strategy and regulatory engagement.”