Gemini has secured a Major Payment Institution licence in Singapore, allowing the cryptocurrency exchange to provide regulated digital payment token and cross-border transfer services in the city-state.
The approval strengthens Gemini’s position in Singapore’s digital asset market and supports its spot trading, custody and over-the-counter (OTC) services for both retail and institutional customers.
The Monetary Authority of Singapore (MAS) Financial Institutions Directory lists Gemini Digital Payments Singapore Pte. Ltd. as a Major Payment Institution authorised to offer digital payment token and cross-border money transfer services.
Gemini has operated in Singapore since 2020, and the licence allows retail and institutional customers to continue using its regulated digital asset services. The exchange announced the approval on 8 September, with Gemini President and co-founder Cameron Winklevoss commenting on the move.
Under Singapore’s Payment Services Act 2019, Major Payment Institutions can provide regulated payment services without the transaction-volume limits that apply to standard payment institutions. However, they are subject to more comprehensive regulatory requirements, including measures designed to protect customer funds, according to MAS.
The licence comes as Singapore continues to refine its regulatory framework for digital assets and stablecoins.
On 1 September, MAS proposed legislative changes that would prohibit interest payments on qualifying MAS-regulated stablecoins. The proposals would also introduce stress tests, recovery plans and orderly wind-down arrangements, alongside stronger safeguards for customer funds.
Gemini is one of a number of international digital asset companies using Singapore as a base for regulated operations across the Asia-Pacific region. MAS has previously approved an expanded range of payment activities for Ripple’s Singapore subsidiary, enabling it to broaden its digital payment token services.
That decision demonstrated how established cryptocurrency businesses are developing regional operations around Singapore’s regulatory framework.
The city-state has combined opportunities to obtain licences with regulatory obligations covering money laundering, terrorism financing, cybersecurity and customer protection. By early 2025, Singapore had attracted exchanges and digital asset infrastructure providers including Coinbase, OKX, BitGo and Anchorage.
Gemini currently offers spot trading, custody and OTC services in Singapore. OTC trading enables large transactions to be negotiated privately at a single price rather than executed through a public exchange order book. This can help limit price disruption and slippage, where the final execution price differs from the expected price.
Gemini chief executive and co-founder Tyler Winklevoss also described Singapore as central to the company’s regional strategy.
The firm’s licensing success comes as Singapore seeks to balance the growth of its digital asset sector with tighter protections for consumers and the wider financial system. Its stablecoin proposals, including restrictions on interest payments and requirements for stress testing, recovery planning and orderly wind-downs, form part of that broader approach.
Singapore is proposing to prohibit interest payments on MAS-regulated stablecoins while adding stress tests, recovery plans and stronger customer safeguards.
