{"id":16313,"date":"2024-10-29T10:26:12","date_gmt":"2024-10-29T10:26:12","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=16313"},"modified":"2024-10-29T10:26:12","modified_gmt":"2024-10-29T10:26:12","slug":"gemini-gains-preliminary-approval-from-singapore-regulator","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=16313","title":{"rendered":"Gemini Gains Preliminary Approval From Singapore Regulator"},"content":{"rendered":"

New York-based cryptocurrency exchange Gemini has secured in-principle approval from the Monetary Authority of Singapore (MAS), the country\u2019s financial regulator.\u00a0\u00a0<\/span><\/p>\n

The preliminary nod allows Gemini to offer cross-border money transfer and digital payment token services. This marks a critical step in its strategy to strengthen Geminis\u2019s presence in Asia, according to a <\/span>report from The Straits Times<\/span><\/a>. <\/span><\/p>\n

\u201cWhile the US remains our largest market and global headquarters, Asia and Singapore <\/span>in particular<\/span> play a crucial role in our global strategy,\u201d Saad Ahmed, who oversees Gemini\u2019s operations in the Asia-Pacific region, said.<\/span><\/p>\n

EXPLORE: <\/span>A Complete List of Bitcoin-Friendly Countries<\/span><\/a><\/strong><\/p>\n

Singapore Becomes Gemini\u2019s Second-Largest Market<\/span><\/h2>\n

With a footprint in around 70 countries, Singapore stands out as Gemini\u2019s second-largest market by customer base. It trails only the US. The expansion efforts come as regulatory pressures have intensified in the domestic market.<\/span><\/p>\n

Ahmed said that Singapore is important in Gemini\u2019s regional ambitions, noting that the city-state will serve as the company\u2019s Asia-Pacific hub. \u201cWe are building the required capabilities here to drive operations across the region,\u201d he added. <\/span><\/p>\n

Crypto exchange Gemini gets initial nod from Singapore regulator MAS https:\/\/t.co\/GdkEBG7SmB<\/a><\/p>\n

\u2014 ST Business Desk (@stbusinessdesk) October 29, 2024<\/a><\/p>\n\n

Currently, the exchange has a team of over 40 employees in Singapore. Furthermore, it plans to double this workforce <\/span>in the near future<\/span> as part of ongoing investments. <\/span><\/p>\n

\u201cWe are also <\/span>in the process of<\/span> moving to a larger office space to accommodate our growing local team, which reflects our long-term commitment to Singapore,\u201d he said, highlighting recruitment efforts across various roles, including compliance, engineering, product development, and finance.<\/span><\/p>\n

Looking ahead, Ahmed acknowledged the likelihood of volatility due to macroeconomic factors and geopolitical tensions. However, he remains optimistic that regulatory clarity in key markets like Singapore will drive growth and adoption in the region. <\/span><\/p>\n

\u201cWe are hopeful that we will continue to see greater adoption across the region,\u201d he concluded, reinforcing Gemini\u2019s commitment to navigating the evolving landscape of cryptocurrency in Asia.<\/span><\/p>\n

EXPLORE:\u00a0<\/span>Bitcoin Worldwide Legal and Adoption Status<\/span><\/a><\/strong><\/p>\n

OKX Secures Full License In Singapore<\/span><\/h2>\n

Last month, OKX <\/span>secured a Major Payment Institution (MPI) license<\/span><\/a> in Singapore, allowing the exchange to provide\u00a0<\/span>a range of<\/span>\u00a0financial services. The company\u2019s services will\u00a0include cross-border money transfers and digital payment tokens, lifting previous volume restrictions.<\/span><\/p>\n

With the MPI license, OKX can now exceed the standard volume limitations. The license allows it to process payments beyond the 3 million Singaporean dollars (approximately $2.2 million) cap for a single service and the 6 million SG$ ($4.4 million) limit for multiple services.<\/span><\/p>\n

Meanwhile, a significant number of financially savvy individuals in Singapore have embraced cryptocurrency and view it as the future of finance, according to a recent\u00a0<\/span>report by Seedly and Coinbase<\/span><\/a>.<\/span><\/p>\n

The study, conducted in the fourth quarter of 2023, involving over 2,000 adults, revealed that 57% of respondents currently hold digital assets.<\/span><\/p>\n

The majority<\/span>\u00a0of those surveyed stated that they\u00a0have\u00a0invested amounts ranging from US$1,000 to $25,000 in cryptocurrencies.<\/span><\/p>\n

Singapore has been actively trying to become a global crypto hub. Just recently, the Monetary Authority of Singapore (MAS) provided Paxos\u00a0<\/span>regulatory approval<\/span><\/a> to issue stablecoins.<\/span><\/p>\n

EXPLORE:\u00a0<\/span>8 Methods to Buy Bitcoin With PayPal Instantly in 2024\u00a0<\/span><\/a><\/strong><\/p>\n

The post Gemini Gains Preliminary Approval From Singapore Regulator<\/a> appeared first on <\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

New York-based cryptocurrency exchange Gemini has secured in-principle approval from the Monetary Authority of Singapore (MAS), the country\u2019s financial regulator.\u00a0\u00a0 The preliminary nod allows Gemini to offer cross-border money transfer and digital payment token services. This marks a critical step in its strategy to strengthen Geminis\u2019s presence in Asia, according to a report from The […]<\/p>\n","protected":false},"author":0,"featured_media":16314,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-16313","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/16313"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=16313"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/16313\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/16314"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=16313"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=16313"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=16313"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}