Gemini, led by the Winklevoss twins, has received in-principle approval from the Monetary Authority of Singapore (MAS) to expand its crypto services. The approval, announced on October 29, enables Gemini to offer cross-border money transfer and digital payment token services, marking a significant step in their Asia-Pacific (APAC) expansion strategy. This move aligns with Gemini’s commitment to growing its regional headquarters in Singapore, aiming to provide a secure and compliant trading experience across APAC.

The decision by MAS reflects Singapore’s role as a leading crypto industry regulator, known for its clear and supportive regulatory environment. This environment has attracted a variety of digital asset companies, fostering a robust crypto base within the city-state. With this approval, Gemini plans to double its workforce from 40 and expand its office space to accommodate the growth, demonstrating a strong commitment to its largest customer base outside the US.

This latest development adds to the growing list of crypto businesses operating under MAS’s approval, including recent approvals for major platforms such as OKX SG and others. Singapore now boasts 28 licensed crypto-related businesses, one of the highest in Asia, cementing its position as a preferred hub for crypto firms.

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