As a seasoned financial analyst with over two decades of experience in the industry, I find this news about Gemini receiving IPA from MAS extremely intriguing. The Winklevoss twins-led crypto exchange has been making waves globally, and their expansion into Singapore is a strategic move that underscores their commitment to compliance and consumer protection.
In simpler terms, the Singaporean Monetary Authority (equivalent to our Federal Reserve) has given initial permission for Gemini to operate within Singapore. This provisional green light enables Gemini to facilitate international money transfers and manage digital currency transactions.
In simple terms, the Singaporean Monetary Authority (MAS) has given preliminary approval for Gemini, the well-known cryptocurrency exchange co-founded by the Winklevoss twins, to expand its business in Singapore.
Gemini Receives IPA from MAS
As a crypto investor, I’m thrilled to share that I recently learned about Gemini Exchange receiving the In-Principle Approval (IPA) from the Monetary Authority of Singapore (MAS) for their Major Payment Institution (MPI) license. This means they can now provide cross-border money transfers and digital payment token services, broadening their offerings in Singapore to meet the growing demand for digital asset services. This is exciting news for me and other crypto enthusiasts in Singapore!
NEW: Gemini has been granted Preliminary Approval for their Major Payment Institution (MPI) license by the Monetary Authority of Singapore (MAS), which represents a substantial advancement in our licensing process. This aligns with our dedication to conducting business with utmost integrity and professionalism.
— Mars Safari Co (@Gemini) October 29, 2024
Singapore: The Heart of Gemini’s Operations in APAC
On October 29, Gemini outlined the importance of this recent advancement, emphasizing how it bolsters their presence in Asia, with Singapore serving as a key priority region.
For years, Singapore has served as the central hub for our business activities in the Asia-Pacific region. After setting up our regional office there, we’ve made it a priority to grow our presence, offering a customized, safe, and legally compliant trading experience to users throughout the region.
In simpler terms, Gemini clarified the situation by stating that they think Singapore’s monetary authority’s regulatory structure and atmosphere successfully combines promoting innovation with safeguarding consumers.
Expanding Workforce in Singapore
To strengthen its presence in Singapore and grow its team, Gemini – a company already employing 40 locals – plans to nearly double its workforce. This growth will be seen across various departments such as compliance, engineering, product development, and finance. Additionally, Gemini is investing in establishing a strong local infrastructure to support these goals. In relation to the Asia-Pacific region (APA), Gemini has made key leadership appointments, one of which includes Saad Ahmed as the Head of APAC. According to Gemini’s announcement, Ahmed plays a crucial role in shaping the exchange’s regional strategies and regulatory interactions.
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2024-10-30 22:02