As Singapore Moves to Curb Stablecoin Perks, MAS Grants Gemini a Major Payment License Covering Tokens and Transfers
Singapore’s Monetary Authority (MAS) has listed Gemini Digital Payments Singapore Pte. Ltd. as a Major Payment Institution authorized to provide digital payment token services and cross‑border money transfers, according to the MAS Financial Institutions Directory.
What MAS approved
Under Singapore’s Payment Services Act 2019, Major Payment Institution (MPI) licensees can offer regulated services without the transaction‑volume limits that apply to standard payment institutions. MAS states that major institutions face more comprehensive regulation and must meet requirements intended to protect customer funds.
Gemini’s statement
In a Sept. 8 announcement about the license, Gemini President and co‑founder Cameron Winklevoss said: “Securing the MPI license from MAS validates our commitment and investment into Singapore. We’ve been in Singapore serving customers since 2020 and are excited for what’s ahead.”
Gemini CEO and co‑founder Tyler Winklevoss described Singapore as central to the company’s regional strategy: “Singapore’s regulatory framework and status as a leading global financial center make it a natural strategic hub. With this license, we are well placed to continue serving both retail and institutional customers in Singapore.”
Why it matters now
The approval lands as Singapore refines digital‑asset protections. On Sept. 1, MAS proposed legislative changes that would prohibit interest payments on qualifying MAS‑regulated stablecoins and introduce stress tests, recovery plans, orderly wind‑down arrangements, and stronger safeguards for customer funds, according to MAS’s current stablecoin proposal.
What Gemini offers in Singapore
Gemini states it provides spot trading, custody, and OTC services in Singapore. OTC trading allows large transactions to be negotiated privately at a single price instead of passing through a public order book, which can help limit price disruption and slippage.