Gemini, the crypto exchange founded by the Winklevoss twins, has secured preliminary approval from the Monetary Authority of Singapore (MAS) to offer cross-border money transfer and digital payment token (DPT) services. This in-principle approval marks a significant step forward for the New York-based exchange as it aims to expand its localized services to better cater to customers in the region.
Saad Ahmed, head of Gemini’s APAC operations, emphasized the importance of Singapore in Gemini’s global strategy, stating, “While the United States remains our largest market and global headquarters, Asia and Singapore, in particular, play a crucial role.”
Growing Presence in Singapore and Beyond
Gemini operates in 70 countries, with Singapore being its second-largest market after the U.S. In 2022, the MAS noted that Gemini Trust Company was exempt from licensing requirements. The regulator also granted in-principle approval to Genesis Asia Pacific, a subsidiary of the Genesis Group, for DPT services.
In a recent comparison of Singaporean crypto exchanges by Bitcoin.com, Gemini ranked at the top, ahead of competitors like Kraken, Bitget, MEXC, and Binance. Additionally, the exchange received a crypto license from the French financial watchdog, Autorité des marchés financiers, in January, further solidifying its presence in Europe.
Workforce Expansion in Singapore
According to The Straits Times, Gemini currently employs over 40 staff members in Singapore and plans to double its workforce in the near future. This expansion is part of the company’s ongoing investment in the market. Ahmed confirmed that the APAC team is actively seeking talent in compliance, engineering, product, and finance, and the exchange is relocating to a larger office space to accommodate its growing team.
Market Outlook Amid U.S. Elections
Discussing the potential impact of upcoming U.S. elections on the crypto market, Ahmed expressed confidence in the industry’s resilience. He stated that the global crypto sector would likely continue to experience growth, regardless of the election outcome. While acknowledging potential volatility due to macroeconomic and geopolitical factors, he remains optimistic about increased adoption in the region.
For more insights on the evolving crypto landscape, visit CentBit.Online – Crypto & Blockchain Expert Bangladesh.
