SINGAPORE – Cryptocurrency exchange Gemini, which has been focused on growing its business in the region, has received provisional approval from Singapore regulators.
The New York-based exchange has received in-principle approval from the Monetary Authority of Singapore (MAS) to provide cross-border remittance and digital payment token services.
Saad Ahmed, head of Asia Pacific operations, said the exchange is now one step closer to providing localized services that meet the needs of customers in the region.
“While the United States remains our largest market and global headquarters, Asia and Singapore in particular play an important role in our global strategy,” he said.
Gemini operates in approximately 70 countries, with Singapore its second largest market after the United States in terms of number of customers.
The Winklevoss brothers behind Gemini have previously said the exchange's growth in Singapore is part of a strategy to diversify outside the United States, where authorities have taken a tougher stance on the sector in recent years.
Mr Ahmed said Singapore is key to the company's regional strategy and will continue to serve as the exchange's Asia-Pacific hub.
He added that the team is building the necessary capacity here to drive its work across the region.
So far, Gemini has a team of over 40 people in Singapore, with plans to double this number in the near future as part of continued investment in this market, Mr Ahmed said.
“We are also in the midst of relocating to larger office space to accommodate Gemini's growing local team, which is testament to our long-term commitment to Singapore. , we are looking for people for a wide range of roles including engineering, product and finance,” he said.
When asked how much of an impact the US presidential election will have on business, Ahmed said that he expects the global cryptocurrency industry to continue to grow no matter who wins.
He noted that both former President Donald Trump and Vice President Kamala Harris have expressed varying degrees of support for the cryptocurrency industry.
Ahmed said in his outlook that the team expects some volatility given the macroeconomic and geopolitical environment.
He noted that the upcoming US presidential election and continued economic uncertainty will make the situation fluid.
However, he said regulatory clarity in key markets like Singapore will be a key driver of growth, and “we are optimistic that we will continue to see adoption across the region.”
