The New York-based exchange Gemini, founded by Tyler and Cameron Winklevoss, has received permission from the Monetary Authority of Singapore (MAS) to supply DPT services in Singapore. This approval is a big positive for Gemini, especially for the company's plans within the Asia-Pacific region, particularly Singapore – Gemini's second-largest regional market after the United States.
Saad Ahmed, Gemini's Head of APAC, spoke about the development and significance of the Singapore market to Gemini's expansion. The approval from the MAS will increase the exchange's likelihood of offering localized and compliant services that would accommodate the increasing customer needs in Singapore and across the region.
Gemini has expressed its commitment to increasing its operations in Singapore. The exchange currently serves clients with more than 40 workers and expects to expand its human resources in the future. The planned expansion will entail recruiting talents in various functions of the firm, such as compliance, engineering, product, and finance departments. Furthermore, Gemini has decided to upgrade its office space in Singapore as it proves it bears long-term potential for the firm.
It aligns with the company's continued drive to deepen its presence in Asia as regulatory certainties emerge in areas such as Singapore. So, with MAS approval and a stronger local team, Gemini wants to deliver effective and legal digital asset solutions to an extensive customer base.
Gemini's Wider International Operations and Regulatory Development
Gemini's expansion plans are not confined to Asia alone. This year, it gained a crypto license from AMF, an organization that regulates the French financial markets following the laws of the EU. Gemini's expansion in these strategic markets is ongoing at a time when international agencies are seeking to ratify rules governing virtual currency trading.
The exchange is among the top crypto trading platforms in Singapore, functioning in the market alongside Kraken, Bitget, and Binance. A recent survey also reveals that the proportion of Singapore residents who own or have used cryptocurrency reached a lower level: 26% this year, lower than 30% last year.
The APAC head of Gemini, Saad Ahmed, has also given his thoughts on how the coming US elections may affect the global cryptocurrency market and expected further growth in the industry. In addressing the concerns, macroeconomic factors gave the market an oscillative movement and geopolitical events, though Ahmed was confident of sustained adoption in the Asia-Pacific markets.
Gemini's recent MAS approval positions it to navigate the evolving crypto landscape in Singapore and beyond. With a robust team and regulatory backing, the exchange is poised to capitalize on growth opportunities in the digital asset space.