Gemini's Singapore entity, Gemini Digital Payments Singapore Pte. Ltd., received a Major Payment Institution license from the Monetary Authority of Singapore, the exchange announced. The license authorizes the company to provide Digital Payment Token services and Cross-Border Money Transfer services to retail and institutional customers in the country.
Cameron Winklevoss, Gemini's President and Co-Founder, said the license validated years of investment in the market.
"Securing the MPI license from MAS validates our commitment and investment into Singapore," he said. "We've been in Singapore serving customers since 2020 and are excited for what's ahead."
Tyler Winklevoss, Gemini's CEO and Co-Founder, described the strategic logic.
"Singapore's regulatory framework and status as a leading global financial center make it a natural strategic hub," he said. "With this license, we are well placed to continue serving both retail and institutional customers in Singapore."
🇸🇬 Big news: We're pleased to announce that Gemini Digital Payments Singapore, Pte. Ltd. (GDPSPL) has received a Major Payment Institution licence from @MAS_sg, allowing us to provide Digital Payment Token and Cross-Border Money Transfer services.
— Gemini (@Gemini) September 9, 2026
Singapore continues to… pic.twitter.com/zUb9gnTJbF
What the MPI license covers and why it matters
Singapore's Payment Services Act 2019 created a tiered licensing system for payment service providers. The Major Payment Institution license sits at the top of that hierarchy, covering firms that exceed defined thresholds for monthly transaction volume or float. An MPI license holder can provide a broader range of payment services than a Standard Payment Institution licensee and faces correspondingly stricter requirements around capital, risk management, and anti-money laundering controls.
The MAS introduced the Digital Payment Token service category under the Payment Services Act specifically to regulate businesses that buy, sell, or facilitate the exchange of cryptocurrencies. Obtaining an MPI license for DPT services requires demonstrating to MAS that the applicant has adequate technology risk management, customer protection measures, and AML and counter-terrorism financing controls. MAS has been notably selective in granting these licenses. Several major exchanges applied for DPT licenses under the PS Act's transitional arrangements and waited years before receiving a decision, with some applications rejected or withdrawn. Gemini's approval adds to a list that includes Coinbase, Crypto.com, and OKX, each of which received MPI licenses in Singapore over the past two years.
Gemini has operated in Singapore since 2020, initially under the transitional arrangements that allowed firms to serve customers while their applications were pending. The MPI license converts that transitional status into full authorization. The Singapore entity currently offers spot trading, custody, and over-the-counter services.
Singapore's position in the regional crypto landscape
Singapore has pursued a deliberate strategy of attracting regulated crypto businesses while maintaining strict standards for authorization. The MAS published its expectations around DPT service providers through multiple consultation papers and regulatory circulars since 2019, creating a framework that is demanding to satisfy but provides substantial legal certainty once obtained.
The MAS issued a significant warning to the industry in 2022 when it directed DPT service providers to stop marketing crypto services to the general public in Singapore, citing concerns about retail investor harm. That guidance, combined with the collapse of several crypto firms headquartered or operating in Singapore during the 2022 bear market including Three Arrows Capital and Terraform Labs, prompted MAS to tighten its oversight further. The stricter post-2022 environment is the regulatory context in which Gemini's MPI approval carries particular weight. Obtaining full authorization under a framework that became more demanding after several high-profile failures represents a different benchmark than licenses granted in earlier, more permissive conditions.
Gemini's regulatory journey before the Singapore license
Gemini was founded by Cameron and Tyler Winklevoss in 2014 and became one of the first crypto exchanges to receive a New York State Department of Financial Services BitLicense in 2015. The exchange has historically emphasized regulatory compliance as a core part of its positioning, which placed it among the first wave of US crypto firms to pursue licensing in multiple jurisdictions. In 2023, Gemini faced regulatory pressure in the United States when the SEC sued the company alongside Genesis over its Earn lending product. That case was subsequently resolved. The Singapore MPI license represents continued international expansion following earlier authorizations in Ireland, Greece, and the United Kingdom.
The Cross-Border Money Transfer authorization included in the MPI license extends Gemini's permitted activities beyond spot crypto trading to include moving funds across borders, a capability that is increasingly relevant as institutional clients seek integrated crypto and payments infrastructure from a single licensed provider.
Anastasiia G
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