Winklevoss’ crypto exchange Gemini secures in-principal approval from Singapore’s MAS

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As a researcher with a keen interest in the evolving landscape of cryptocurrency exchanges, I find myself both intrigued and slightly amused by Gemini’s recent moves. The exchange, co-founded by the Winklevoss twins, seems to be skillfully dancing around the globe, navigating regulatory hurdles with aplomb.

Gemini, a well-known entity, has been given preliminary authorization by the Monetary Authority of Singapore for a significant payment institution license. This is a significant milestone in their plan to broaden their presence across the Asia-Pacific region.

The digital currency trading platform, Gemini (established by Tyler and Cameron Winklevoss), disclosed they’ve been given preliminary authorization by the Monetary Authority of Singapore for a Full Payment Institution license.

On October 29th, a blog post published on Tuesday revealed that the exchange has received approval, which moves forward their application under the Payment Services Act of 2019. This allows the trading platform to facilitate cross-border money transfers and digital payment token services, thus bolstering its commitment to compliance in the Asia-Pacific region.

In line with our persistent dedication to this market, we’re consistently striving to secure the MPI license.

Gemini

After receiving approval from France’s Financial Markets Authority in January, Gemini has now achieved another significant step by launching its cryptocurrency trading platform in France. This move allows users to trade over 70 different digital assets through their web and mobile interfaces, as well as utilizing the advanced ActiveTrader feature.

Gemini looks to Asia as Canada’s regulations tighten

The growth of Gemini, a U.S.-based cryptocurrency exchange, is expanding across Europe and Asia, but it’s facing regulatory challenges in other areas. Recently, the platform decided to leave the Canadian market, which they previously considered crucial for expansion. Stricter regulations pushed Gemini and other exchanges like Binance, OKX, and dYdX out of Canada. By December 31st, Gemini asked its Canadian users to withdraw their funds, having made earlier attempts at compliance, such as registering with the Canadian Securities Administrators in April 2023.

Beginning in April, a fresh Cryptocurrency Reporting System was proposed by the Canadian government for implementation in 2026. Under this system, any entities offering cryptocurrency services such as exchanges, brokers, or Automated Teller Machines (ATMs), will be obliged to submit comprehensive transaction data on an annual basis.

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2024-10-29 16:05