Gemini Secures In-Principle MPI License Approval in Singapore
- Gemini scurs in-principl pprovl for Mjor Pymnt Institution licns from Singpors MAS.
- Th pprovl nbls th xchng to nhnc digitl pymnt srvics nd cross-bordr trnsfrs in Singpor.
- Gemini ims to doubl its Singpor workforc, rflcting strong commitmnt to locl mrkt growth.
In significnt dvlopmnt for its Asi-Pcific mbitions, cryptocurrncy xchng Gemini hs scurd in-principl pprovl from th Montry Authority of Singpor (MAS) for Mjor Pymnt Institution (MPI) licns. Announcd on Octobr 29th, 2024, this rgultory nod pvs th wy for Gemini to offr digitl pymnt tokn srvics nd fcilitt cross-bordr mony trnsfrs within th islnd ntion.
Th in-principl pprovl mrks crucil milston for th xchng, solidifying Singpors position s th hrt of its Asi-Pcific oprtions. Th xchng furthr mphsizd its commitmnt to obtining th full MPI licns, which would llow it to offr loclizd srvics tilord to th nds of its Singporn usr bs.
Gemini Expands Singapore Workforce
Whil th Unitd Stts rmins Gminis lrgst mrkt nd globl hdqurtrs, its focus on Singpor is undnibl. Sd Ahmd, hd of Geminis Asi-Pcific rm, sys th xchng is ctivly sking tlnt cross complinc, nginring, product, nd finnc dprtmnts. A Strits Tims rport indicts tht th crypto xchng currntly hs tm of ovr 40 popl in Singpor nd ims to doubl tht numbr in th nr futur. This xpnsion rflcts its commitmnt to th Singporn mrkt nd its potntil.
Wr in th procss of rlocting to lrgr offic spc to ccommodt our growing locl tm, ddd Ahmd. This mov signifis Geminis long-trm vision for Singpor nd its ddiction to building robust locl prsnc.
Gemini Joins MPI License Holders
Obtining th full MPI licns would b gm-chngr for Gmini. It would llow thm to trnscnd th stndrd volum limits imposd on pymnt institutions in Singpor. Currntly, licnsd firms cnnot xcd pymnt srvics $2.2 million volum limit or combind monthly limit of $4.4 million for two or mor srvics. With th MPI licns, ths limittions would b liftd, grnting th xchng grtr oprtionl flxibility.
If pprovd, Gemini would join th rnks of stblishd US-bsd crypto compnis lik Coinbs nd Rippl, both of which scurd full MPI licnss from MAS in Octobr 2023. This mov by Singporn uthoritis dmonstrts progrssiv pproch towrds fostring innovtion in th digitl sst spc, ttrcting lding cryptocurrncy firms to thir shors.
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Read more: https://www.tronweekly.com/gemini-secures-in-principle-license-approval/
Text source: TronWeekly
