As a seasoned researcher who has followed the crypto market for years, I have witnessed the ebb and flow of regulatory challenges that exchanges like Gemini face. Having seen the company’s struggles with the SEC in the United States, it is refreshing to see them securing a win in Singapore.
U.S.-based cryptocurrency platform Gemini has recently achieved a regulatory success in Singapore, following their withdrawal from Canada due to a challenging regulatory climate.
As per a report published by The Straits Times on October 29th, the company has been granted preliminary approval by the Monetary Authority of Singapore (MAS) to offer cross-border money transfers and digital payment token services within the nation.
Gemini to Expand Singapore Office and Headcount
In terms of its worldwide growth, U.S.-based Gemini is making strides, particularly in the Asia-Pacific (APAC) area. The head of the region, Saad Ahmed, stated that the platform views Singapore as a crucial market in executing its global growth plan.
In his statement, he highlighted that although the U.S. continues to be our main market and central hub, Asia, with a special focus on Singapore, significantly contributes to our overall strategic plans worldwide.
Due to the ambiguity surrounding regulations in the U.S. market, Gemini has faced a string of legal hurdles. Last year alone, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against the exchange for offering unregistered securities. These legal troubles have prompted the company to investigate alternative markets, particularly Singapore, where their interest lies.
As an analyst, I’m sharing some insights: Singapore currently ranks second, following the US, in terms of customer base for our exchange. Notably, we are strategizing to double our workforce and broaden our office space. Presently, Gemini L boasts a diverse team composition with over 40 teams distributed across various sectors.
As a crypto investor, I’m right in the heart of our expansion to a bigger office, which underscores Gemini’s dedication to growing our local team in Singapore. We’re on the hunt for diverse talent across various fields such as compliance, engineering, product development, and finance. That’s the word from the top.
Not the First
As a crypto investor, it’s no secret that I’ve been keeping an eye on Singapore as a potential hub for my investments. It seems that I’m not alone, as just last month, EDXM Global, hailing from New Jersey, made headlines with their plans to establish a perpetual futures trading venue in the very same country. This goes to show that Singapore is attracting some serious attention from crypto companies like Gemini and EDXM Global.
Via this platform, our company plans to give users the ability to engage in continuous future contracts trading for both Bitcoin (BTC) and Ethereum (ETH), with the grand opening anticipated in the first quarter of the coming year.
The platform that’s about to be launched isn’t the first step the company has taken in the Singapore market. In fact, EDXM Global already introduced their Singapore-based settlement service back in May 2024 this year.
Beyond our own organization, I’ve noticed that other cryptocurrency companies, like OKX, have ventured into the Asian market during this September. We’ve managed to secure a Major Payment Institution (MPI) license from MAS, allowing us to expand our service offerings to include digital payment services.
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2024-10-29 13:54