An American cryptocurrency exchange is set to enter the Singaporean market as it strengthens its presence in Asia. Singaporean regulatory authorities have given the go-signal to the Gemini crypto platform to offer its services to its Southeast Asian nation's clients.
A New Crypto Exchange Option
A new exchange platform is about to enter the Singaporean cryptocurrency space after the Gemini crypto exchange platform, also known as the Gemini Trust Company LLC, got an In-Principle Approval (IPA) from the state authorities to operate as a Major Payment Institution (MPI) in the country.
This means that the government-run Monetary Authority of Singapore (MAS) has responded positively to the company's license application to offer its services to those living in Singapore.
Citizens of the Southeast Asian country will be able to use the American crypto platform for their cross-border money transfers and other digital payment services.
Gemini said that receiving the IPA can be considered a milestone for the crypto firm because it emphasizes its commitment to operate in a country with such high regulatory standards.
The crypto company added that this development only reinforces their dedication to the flourishing crypto market in Singapore which already has other digital asset players such as Coinbase, Crypto.com, Binance, and OKX.
As of today, the market cap of cryptocurrencies stood at $2.37 trillion. Chart: TradingView
A Key Crypto Market For Gemini
Gemini officials said that the cryptocurrency company has exerted efforts to become part of the virtual coin market in Singapore since the country has been the heart of its operations.
Since establishing its regional headquarters in the country, the exchange has focused on expanding its presence in Singapore and other countries in the Asia-Pacific Region, saying that the company aimed to bring a localized but secure trading platform that is also compliant with regulatory policies across the region.
“We believe that the regulatory frameworks set by MAS strike a balance between fostering innovation and ensuring consumer protection,” Gemini said in a statement.
The Philippines, Taiwan, South Korea, and Vietnam are among the Asia-Pacific nations where Gemini now conducts business in.
Pulling Out Of The Canadian Market
In contrast, the cryptocurrency platform will be shutting down its operations in Canada, even though Gemini is growing its presence in the Asia-Pacific region.
Gemini said earlier this month that its Canadian consumers had until December 31, 2024, to withdraw their cryptocurrency funds from the exchange platform because it will soon cease operations in Canada.
The new rule enforced by the Canadian Securities Administrators (CSA) that requires digital asset trading platforms to complete a “pre-registration undertaking” in order to continue operating in Canada was linked by some analysts to this judgment.
Featured image from State Department, chart from TradingView
