Major Exchange wins Singapore crypto MPI license

TLDR

Singapores regulator has granted Gemini a Major Payment Institution (MPI) license to offer crypto and cross-border payment services in the country.

1. Gemini (the exchange) received an MPI license from the Monetary Authority of Singapore to provide digital payment token and cross-border money transfer services.
2. The MPI status removes previous volume caps and lets Gemini expand regulated spot trading, custody and OTC services to retail and institutional clients in Singapore.
3. The move reinforces Singapores strategy as a tightly regulated crypto hub, with more rules and other licensed players likely to follow.

Deep Dive

1. What The MPI License Actually Is

According to recent reporting, Gemini Digital Payments Singapore Pte. Ltd. has been granted a Major Payment Institution license by the Monetary Authority of Singapore (MAS), authorizing it to offer digital payment token and cross-border money transfer services in Singapore.

An MPI license under Singapores Payment Services Act allows a firm to handle larger transaction volumes than a standard payment institution, in return for stricter oversight on areas like customer fund protection, anti money laundering and cybersecurity.

This approval formalizes Geminis operations in Singapore, where it had already been serving customers since 2020, and brings its crypto services under the same regulatory umbrella as other significant payment players in the country.

2. Impact On Gemini And Local Users

With an MPI license, Gemini can expand regulated spot trading, custody and over the counter (OTC) services to both retail and institutional clients without the transaction volume limits that apply to smaller licensees, as noted in the MAS-focused coverage of the approval.

This can make Gemini more competitive versus other licensed firms in Singapore, including global players that have already secured similar approvals to offer digital payment token services from Singapore.

For local users, this increases the number of regulated venues for buying, selling and storing crypto, but it also means stricter know your customer checks and ongoing monitoring, since Gemini must comply with MAS rules on AML and customer fund segregation.

3. What This Signals For Singapores Crypto Rules

The license comes alongside MAS efforts to tighten digital asset rules, including proposals to prohibit interest on certain MAS regulated stablecoins and to require stress tests, recovery plans and stronger customer fund protections.

Singapore is positioning itself as a regional hub that welcomes well regulated crypto businesses, while pushing out riskier models that rely on high yield products or weak controls. Geminis approval fits this pattern.

For the wider market, it signals that serious exchanges that invest in compliance can still win access to key jurisdictions, even as regulators raise the bar on consumer protection and systemic risk.

Conclusion

Geminis MPI license in Singapore strengthens its regional footprint and adds another regulated option for crypto users in a key Asia hub.

At the same time, the approval illustrates Singapores broader approach: retain crypto innovation, but only for firms that meet higher standards on AML, customer protection and operational resilience.