Crypto exchange Gemini gets initial greenlight for Singapore expansion

By Dat Nguyen October 29, 2024 | 07:20 pm PT

A man walks past the logo of Gemini Trust, a digital currency exchange and custodian, during the Bitcoin Conference 2022 in Miami Beach, Florida, U.S. April 6, 2022. Photo by Reuters

U.S.-based crypto exchange Gemini has received a preliminary approval from Singapore authorities, a key milestone in the company’s plan to expand in Asia.

Gemini, founded by American entrepreneurs Cameron and Tyler Winklevoss, has been granted an in-principal approval by the Monetary Authority of Singapore to provide cross-border money transfer and digital payment token services, the company said in a recent news release.

Saad Ahmed, who heads Gemini’s Asia-Pacific business, said the exchange is now one step closer to offering localized services that meet the needs of customers in the region, The Straits Times reported.

New York Exchange-listed Gemini offers services to around 70 countries, and Singapore is its second-largest market after the U.S. in number of customers.

The company plans to double its staff size in Singapore to 80 in the near future.

Singapore in August secured the top spot globally in crypto adoption thanks to high scores in technology and regulatory environment, according to the Henley Crypto Adoption Index 2024 by British investment migration consultancy Henley and Partners.

In another report released earlier this year, crypto payment firm Triple-A said that Singapore boasts one of the highest crypto ownership rates globally, with around a quarter of the population owning crypto assets.