Gemini receives Singapore payment license for crypto services
Gemini’s local entity is authorized to provide digital payment token and cross-border money transfer services without standard transaction-volume limits.
Crypto exchange Gemini has received a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), completing its transition from in-principle approval granted nearly two years ago.
On Wednesday, Gemini said the license was awarded to Gemini Digital Payments Singapore, its local entity. The MAS Financial Institutions Directory lists the company as authorized to provide digital payment token services and cross-border money transfers.
MPI license holders can provide regulated payment services without being subject to the transaction-volume limits imposed on standard payment institutions. However, MAS said major payment institutions face more comprehensive regulation because their operations’ scale poses greater risks.