The Leading American cryptocurrency exchange Gemini, run by the Winklevoss twins, has secured a regulatory win in Singapore, weeks after bidding goodbye to the Canadian market due to an unfavorable regulatory environment.
A Step Closer-
As per a report published by The Straits Times on October 29, the company received In-Principle approval from the Monetary Authority of Singapore (MAS) to provide cross-border money transfer and digital payment token services in the country. Gemini is now one step closer to providing localized services that meet the needs of customers in the region, Saad Ahmed, head of Gemini APAC operations, noted.
Gemini Gradually Expanding Its Presence
Gemini has been gradually expanding its presence across the globe including the Asian Pacific Region (APAC). The company’s head of the region Saad Ahmed stated: “While the United States remains our largest market and global headquarters, Asia and Singapore in particular play a crucial role in our global strategy.”
Gemini has encountered a series of legal challenges in the United States due to regulatory uncertainty in the market which has pushed the company into exploring other markets with a particular interest in Singapore.
The crypto exchange giant operates in 70 countries and Singapore currently ranks as the second largest market for the exchange after the US in terms of number of customers. The company is planning to double its workforce and expand its office space.
Gemini Not The First
Notably, Gemini is not the first crypto company exploring the Singapore market as EDXM Global, a digital asset trading platform based in New Jersey announced its plans last month to launch a dedicated perpetual futures venue in the country. Earlier this year, EDXM Global rolled out its Singapore-based settlement service in May 2024.
Election Impact and Volatility
When asked how far the US presidential election would impact business, Mr Ahmed expects continued growth in the global crypto industry, regardless of who wins. His team is anticipating some volatility, given the macroeconomic and geopolitical environment. However, he remains optimistic that regulatory clarity in key markets like Singapore will drive growth and adoption in the region.
Singapore has been actively trying to become a global crypto hub. Just recently, the Monetary Authority of Singapore (MAS) provided Paxos regulatory approval to issue stablecoins.
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