Gemini receives full crypto payment license from Singapore regulator

The Monetary Authority of Singapore granted a Major Payment Institution license to Gemini Digital Payments Singapore on September 9, 2026, concluding a two-year approval process. The license allows Gemini to offer digital payment token and cross-border money transfer services without standard transaction-volume limits. To secure this, Gemini transitioned its local customers to its Singapore entity in April 2025 and must now adhere to strict compliance rules, including enhanced customer fund protections.

Singapore MPI license approval

• ▪The final approval of the Major Payment Institution license on September 9, 2026, completed a process that began with an in-principle approval from the Monetary Authority of Singapore in October 2024.
• ▪The Major Payment Institution license allows Gemini Digital Payments Singapore to provide digital payment token services and cross-border money transfers in Singapore.
• ▪The Monetary Authority of Singapore granted a Major Payment Institution license to Gemini Digital Payments Singapore on September 9, 2026.

MPI transaction volume caps

• ▪The absence of standard transaction volume caps for Major Payment Institution license holders is due to their larger operational scale, which poses greater financial and operational risks.
• ▪Major Payment Institution license holders in Singapore can operate and process regulated payment services without the standard transaction-volume limits imposed on standard payment institutions.

MPI regulatory compliance requirements

• ▪Singapore's Major Payment Institution licensing framework subjects authorized firms to stricter regulations, including enhanced safeguards for customer funds.
• ▪Major Payment Institution license holders in Singapore must comply with comprehensive regulations covering anti-money laundering controls, customer due diligence, technology risk, and regulatory reporting.

Gemini Singapore entity transition

• ▪During the transition in April 2025, Gemini Digital Payments Singapore operated under a temporary regulatory exemption while its license application was under review.
• ▪In April 2025, Gemini transitioned its Singapore customers from the U.S.-based Gemini Trust Company to its locally incorporated entity, Gemini Digital Payments Singapore.

Gemini service offerings

• ▪Gemini Digital Payments Singapore currently offers spot cryptocurrency trading, digital asset custody, and over-the-counter services to retail and institutional clients in Singapore.
• ▪Gemini has expanded its local asset support in Singapore by enabling direct XRP deposits and withdrawals through the XRP Ledger.

Debatable claims

• ▪Regulators should mandate that global crypto platforms operate through local subsidiaries
• ▪Singapore's selective cryptocurrency licensing framework stifles financial innovation

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