Gemini

Cryptocurrency

Tyler

April

Gemini has received in-principle approval from Singapore’s Monetary Authority for a major payment institution license, marking a key step in its APAC expansion. 
Cryptocurrency exchange <a href="https://crypto.news/tag/gemini/" target="_blank">Gemini</a>, founded by Tyler and Cameron Winklevoss, announced it has received in-principle approval from <a href="https://crypto.news/tag/singapore/" target="_blank">Singapore</a>‘s Monetary Authority for a Major Payment Institution license. 
In a <a href="https://www.gemini.com/blog/gemini-receives-in-principle-approval-from-mas-for-major-payment-institution" target="_blank" rel="nofollow">blog announcement</a> on Oct. 29, the exchange stated that the approval advances its application under the Payment Services Act 2019, allowing it to offer cross-border money transfer and digital payment token services, thereby strengthening its compliance posture in the Asia-Pacific region. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 “As part of our ongoing commitment to this market, we are continuing to work towards achieving the MPI license.” 
 Gemini 
</blockquote> 
This milestone follows Gemini’s January approval from France’s Autorité des marchés financiers, where the exchange <a href="https://crypto.news/gemini-received-amf-approval-to-launch-services-in-france/" target="_blank">secured</a> regulatory clearance as a virtual asset service provider. With this authorization, Gemini launched its platform in France, granting users access to trade over 70 cryptocurrencies via its web and mobile platforms, including its advanced ActiveTrader option. 
 You might also like: <a rel="" href="https://crypto.news/crypto-market-will-continue-to-expand-over-the-next-two-years-according-to-gemini/"> Crypto market will continue to expand over the next two years, according to Gemini </a> 
<h2 class="wp-block-heading" id="gemini-looks-to-asia-as-canada-s-regulations-tighten">Gemini looks to Asia as Canada’s regulations tighten</h2> 
Gemini’s expansion in Europe and Asia comes as the exchange faces regulatory challenges in other regions. Earlier this month, the U.S.-based platform exited <a href="https://crypto.news/tag/canada/" target="_blank">Canada</a>, a market it once called “essential” for growth. Increasing regulatory demands <a href="https://crypto.news/gemini-follows-binance-and-okx-in-departing-canada/" target="_blank">prompted</a> Gemini and other exchanges, including Binance, OKX, and dYdX, to leave Canada. Gemini informed Canadian users to withdraw funds by Dec. 31, following its earlier compliance efforts, such as pre-registering with the Canadian Securities Administrators in April 2023. 
In April, the Canadian government&nbsp;also <a href="https://crypto.news/canada-tightens-crypto-reporting-measures-in-2024-budget/" target="_blank">introduced</a>&nbsp;a new Crypto-Asset Reporting Framework, set to take effect in 2026. This framework will require all crypto service providers, including exchanges, brokers, and ATM operators, to report detailed transaction data annually. 
 Read more: <a rel="" href="https://crypto.news/gemini-global-crypto-ownership-steady-as-sell-off-slows-down/"> Gemini: Global crypto ownership steady as sell-off slows down </a>

Winklevoss’ crypto exchange Gemini secures in-principal approval from Singapore’s MAS

Table of Contents

crypto.news

Other articles published on Oct 29, 2024

GoPlus Launches SafeToken Protocol For Secure Memecoin Deployment

How to Participate in CoinEx Pre-Token Trading and Earn Profits in Advance

Best Online Casinos Philippines (2024) | Best Welcome Bonus Casinos

Top 6 Cryptos Under $0.10 With 10,000% Potential – Get In Before the Boom!

AONE MINING “Smart” Cloud Mining Investors are All Here

XRP Unmoved by Ripple’s Cross-Appeal in the SEC’s Case

Join our free newsletter for daily crypto updates!