Singapore grants payments license to crypto firm

TLDR

Singapore has granted a Major Payment Institution license to Gemini, letting it expand regulated crypto payment and trading services under the Monetary Authority of Singapore.

1. Gemini now holds a full MAS Major Payment Institution license for digital payment tokens and cross-border transfers, lifting previous volume caps on its Singapore operations.
2. The move strengthens Singapores position as a tightly regulated but open crypto and payments hub while MAS continues to tighten consumer protection and stablecoin rules.
3. For users and markets, this means more regulated access to crypto services in Singapore, but with strict compliance, ongoing regulatory changes and potential competition shifts to watch.

Deep Dive

1. What License Gemini Received

Gemini Digital Payments Singapore has received a Major Payment Institution (MPI) license from MAS covering digital payment token (DPT) services and cross-border money transfers, following earlier in-principle approval in 2024.

An MPI license lets Gemini offer spot crypto trading, custody and over the counter (OTC) services in Singapore without the transaction volume limits that apply to smaller payment institutions, allowing it to scale both retail and institutional flows.

Gemini previously migrated Singapore customers to its locally incorporated entity in 2025 to align with MAS rules, and the MPI approval formalizes that entity as the fully authorized platform for Singapore users.

2. Why This Matters For Singapore

The MPI approval places Gemini in a relatively small group of crypto firms permitted to offer DPT and cross-border payment services at larger scale under MAS oversight, as reported in a recent community brief.

At the same time, MAS has proposed stricter rules such as banning interest on qualifying MAS regulated stablecoins, requiring stress tests and wind down plans, and strengthening customer fund protections, according to recent regulatory coverage.

3. Impact On Users And What To Watch

For users in Singapore, this adds another fully regulated venue for buying, holding and transferring crypto, including larger OTC trades, under MAS rules on safeguarding client assets and KYC/AML checks.

For the broader market, more licensed gateways in a key Asian financial center can gradually support deeper liquidity and institutional participation, especially in major assets like Bitcoin and Ethereum.

Key things to watch include further MAS guidance on retail access, leverage and stablecoins, plus whether additional global exchanges or payment firms secure similar licenses or, conversely, exit Singapore if they cannot meet requirements.

Conclusion

Singapores grant of an MPI license to Gemini links stricter regulation with continued openness to crypto payments and trading. The decision reinforces Singapores role as a regulated digital asset hub and signals that well capitalized, compliant firms can still expand there, while users gain more supervised options and must adapt to ongoing regulatory refinement around stablecoins and digital payment tokens.