Crypto exchange Gemini gets initial nod from Singapore regulator MAS

SINGAPORE - Cryptocurrency exchange Gemini, which has been focused on growing its business in the region, has received a preliminary nod from Singapore’s regulator.

The New York-based exchange has been granted in-principle approval by the Monetary Authority of Singapore (MAS) to provide cross-border money transfer and digital payment token services.

Mr Saad Ahmed, who heads the Asia-Pacific business, said the exchange is now one step closer to offering localised services that meet the needs of customers in the region.

“While the United States remains our largest market and global headquarters, Asia and Singapore in particular play a crucial role in our global strategy,” he said.

Gemini has a presence in about 70 countries, and Singapore is its second-largest market after the US in number of customers.

The Winklevoss brothers behind Gemini had previously said that growing the exchange in Singapore is part of a strategy to diversify outside the US, where the authorities have come down hard on the sector in recent years.

Mr Ahmed said Singapore is key to the firm’s regional strategy and will continue to serve as the exchange’s Asia-Pacific hub.

He added that the team is building the required capabilities here to drive operations across the region.

So far, Gemini has a team of more than 40 in Singapore, and there are plans to double this number in the near future as part of ongoing investments in this market, said Mr Ahmed.

“We are also in the middle of our move to a larger office space to accommodate Gemini’s growing local team, a testament to our long-term commitment to Singapore. We are looking for talent across a wide range of roles, including compliance, engineering, product and finance,” he said.

When asked how far the US presidential election would impact business, Mr Ahmed said he expects continued growth in the global crypto industry, regardless of who wins.

He noted that both candidates – former president Donald Trump and Vice-President Kamala Harris – have expressed varying degrees of support for the crypto industry.

In his outlook, Mr Ahmed said his team is anticipating some volatility, given the macroeconomic and geopolitical environment.

He noted that the upcoming US presidential election and ongoing economic uncertainties will mean a fluid situation.

However, regulatory clarity in key markets like Singapore will be a major driver of growth, “and we are optimistic that we will continue to see greater adoption across the region”, he said.