Gemini, the leading American cryptocurrency exchange run by the Winklevoss twins, has achieved a major regulatory milestone in Singapore. This news comes just weeks after the company left the Canadian market due to tough regulatory conditions.
But why Singapore? And what does this mean for the future of cryptocurrency? Read on to find out.
A Step Towards Localized Services
According to a report by The Straits Times on October 29, Gemini received In-Principle approval from the Monetary Authority of Singapore (MAS) to offer cross-border money transfer and digital payment token services. Saad Ahmed, head of Gemini’s Asia-Pacific operations, highlighted that this approval brings the company closer to providing services tailored to the needs of customers in the region.
Gemini Expands Its Global Presence
Gemini has been steadily growing its presence in international markets, particularly in the Asia-Pacific (APAC) region. The company’s head of the region Saad Ahmed spoke out:
“While the United States remains our largest market and global headquarters, Asia and Singapore in particular play a crucial role in our global strategy.”
The exchange has faced various legal challenges in the United States due to ongoing regulatory uncertainty. This situation has led Gemini to explore opportunities in more favorable markets, with Singapore becoming a key focus.
Gemini operates in 70 countries and ranks Singapore as its second-largest market by customer count, after the U.S. To take advantage of this growth, the company plans to double its workforce and expand its office space.
The Competition Is Heating Up
Gemini is not alone in pursuing opportunities in Singapore. Last month, EDXM Global, a digital asset trading platform based in New Jersey, announced plans to launch a dedicated perpetual futures venue in the country. Earlier this year, EDXM Global introduced its Singapore-based settlement service in May 2024.
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When asked about the potential impact of the upcoming U.S. presidential election on business operations, Ahmed expressed confidence in the continued growth of the global crypto industry, regardless of the election outcome. His team expects some volatility due to the macroeconomic and geopolitical environment.
However, he remains hopeful that regulatory clarity in key markets like Singapore will drive growth and adoption in the region.
Ambitious Goals for Singapore
Singapore is actively working to become a global crypto hub. Recently, the Monetary Authority of Singapore (MAS) granted Paxos regulatory approval to issue stablecoins, further establishing the country’s commitment to advancing its cryptocurrency ecosystem.
It seems like Gemini is here to stay and create impact. What do you think?
