The Winklevoss twins-led cryptocurrency exchange Gemini has been granted in-principle approval from Singapore’s Monetary Authority (MAS) to operate in Singapore. After this preliminary approval, the Company can offer cross-border money transfer and digital payment token services.
With this authorization, the New York-based exchange looks to ramp up its offering in Singapore to cater to the rising demand in the region. Gemini’s announcing approval is a big step for the crypto exchange as the business strengthens its presence in Asia, with Singapore as a critical focus region.
Singapore ranks second in customer base size, although the largest market for Gemini is the United States. This strategic move fits in with the exchange’s ongoing global expansion efforts. It helps position the company to serve customers in 70 countries more fully, as well as a tailored approach to Asia.
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Furthermore, with this new step in regulatory compliance, Gemini is looking to increase trust and transparency across Singapore operations. Its global strategy included Singapore, Saad Ahmed, Head of APAC operations, told the Asian Business Magazine.
This extended regulatory alignment to the exchange means that it is more committed to the demands and requirements of the regional market.
Gemini Expands Workforce and Office in Singapore
Since 2022, Gemini has been working under an exemption from Singapore’s licensing requirements and will seek to build a regional foundation. The company currently employs over 40 people in Singapore and has said it will double its workforce.
The effort to expand rests on hiring across compliance, engineering, product, and finance departments, demonstrating Gemini’s investment in building a robust local infrastructure.
The growing team moves to a larger office space in Singapore to accommodate its growing team. The move marks the exchange’s long-term commitment to the Singaporean market and is part of a broader strategy to meet the region’s needs more effectively.
Gemini’s effort to reinforce its local workforce is intended to improve operational efficiency and better serve the country. A few recent wins include notching a crypto license from France’s financial regulator, Autorité des Marchés Financiers, in January, allowing it to move beyond France into Europe.
The exchange’s hiring drive and office expansion reflect its long-term commitment to Singapore and the more extensive Asian market. The creation of these developments will give Gemini a higher competitive standing among other top exchanges in the region.
Aim to Boost Crypto Adoption Locally
In August, Gemini topped the list of Singaporean crypto exchanges, ranking above significant players such as Kraken, Bitget, MEXC, and Binance. While crypto ownership in Singapore has dipped from 30% to 26% between 2022 and 2024, Gemini believes there remains room for growth.
During this period, user adoption in the U.S. and U.K. remained steady. Gemini plans to catalyze local adoption by expanding services and presence. With in-principle approval, it seeks to meet evolving user demand while complying with regulatory standards.
However, the exchange sees Singapore as essential in broadening crypto accessibility and adoption in Asia. Additionally, by conforming to MAS’s regulatory framework, Gemini can become a haven for users, thus making users both individual and institutional investors confident in the platform.
Gemini expects the broader crypto industry to be strong and grow despite shifts in political winds. In Asia, Gemini sees steady user adoption growing. Market volatility is expected, but Gemini remains optimistic in its ability to deal with the changes in a secure and regulated manner.
