Gemini, a cryptocurrency exchange founded by Cameron and Tyler Winklevoss, has secured a Major Payment Institution (MPI) license in Singapore, allowing its locally incorporated entity to provide digital payment token and cross-border money transfer services.
According to Gemini’s official announcement, the Monetary Authority of Singapore (MAS) granted the license to Gemini Digital Payments Singapore Pte. Ltd. The approval authorizes the entity to provide the two regulated services under Singapore’s Payment Services Act. Gemini currently offers spot cryptocurrency trading, custody and over-the-counter (OTC) services to customers in Singapore.
Earlier MAS approval
Gemini has operated in Singapore since 2020 and began restructuring its local operations as it moved toward full licensing. MAS granted the exchange in-principle approval for an MPI license in October 2024. That approval was conditional on Gemini meeting the regulator’s remaining requirements before receiving full authorization.
In April 2025, Gemini shifted Singapore customers from Gemini Trust Company, its US-based entity, to Gemini Digital Payments Singapore. The move changed the legal entity serving those customers while the licensing process continued.
The latest approval removes the need for the local operation to rely on the temporary regulatory arrangement that had covered its services while the application was being assessed.
What the MPI license changes
MAS’ Financial Institutions Directory lists Gemini Digital Payments Singapore as a Major Payment Institution authorized for digital payment token and cross-border money transfer services.
An MPI license allows firms to conduct regulated payment services without the transaction limits that apply to standard payment institutions. However, MPI-licensed firms face broader regulatory requirements because of the scale and risks associated with their operations.
These requirements include controls covering customer due diligence, anti-money laundering measures, technology risk management and regulatory reporting.
The authorization applies specifically to Gemini Digital Payments Singapore and the services approved by MAS. It does not automatically cover products or activities offered by other Gemini entities.
Existing Singapore services
Gemini has not announced a new product or major service launch tied directly to the license.
Its Singapore operation currently offers spot trading, custody and OTC services. The company has also expanded support for local customers through services such as XRP transfers using the XRP Ledger.
Gemini has not disclosed its Singapore customer base, transaction volumes or revenue following the licensing approval.
Cameron Winklevoss, Gemini’s president and co-founder, said the license reflects the company’s investment in Singapore, while CEO Tyler Winklevoss described the country as a strategic location for serving retail and institutional customers.
The company did not provide details of any immediate expansion tied to the approval.
Singapore’s crypto licensing framework
Gemini joins several major digital-asset companies that hold payment licenses in Singapore.
Coinbase received an MPI license in 2023 to provide digital payment token services to retail and institutional customers. In 2024, OKX Singapore and Bitstamp also secured MPI licenses after receiving earlier in-principle approvals.
Crypto.com had also received in-principle approval in 2022, reflecting the gradual move by major digital-asset firms toward locally regulated operations in Singapore.
Institutional liquidity provider Cumberland also received approval for digital payment token and cross-border money transfer services in July. The framework creates a distinction between companies that are licensed to provide regulated services in Singapore and offshore platforms that may be accessible to users elsewhere.
For Gemini, the full license therefore represents more than a change in regulatory status. It establishes its Singapore-incorporated subsidiary as the entity responsible for the exchange’s approved regulated activities in the market.
What comes next
Gemini will now have to maintain the operational systems and compliance controls required under its MPI authorization. MAS retains the ability to impose conditions and take regulatory or enforcement action where licensed firms fail to meet their obligations.
The company has not announced any immediate changes to its Singapore product lineup following the approval. For now, the license formalizes Gemini’s regulatory status for its approved payment services in the country.
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