Key Takeaways:
Singapore: Popular US-based cryptocurrency exchange Gemini has received in-principle approval from the Monetary Authority of Singapore (MAS). This allows Gemini to provide cross-boarded money transfer and digital token payment services. This is a significant milestone in the cryptocurrency exchange. It could expand its operations in Singapore, offering a wide range of services to the customers of the region. The operations of Gemini align with the regulatory standard of the Monetary Authority of Singapore.
Gemini considers Singapore to be the second-largest market after the United States of America. The exchange has achieved this major milestone and is hoping to expand its services in Singapore in the coming future. They are hoping to achieve customer protection along with innovation.
Gemini was launched in the year 2017, and since then it has established a name for itself within the crypto ecosystem. The exchange operates in more than 70 countries in the world. They are now focusing on the Asia-Pacific region for expanding their services. To fuel its growth in Singapore, Gemini has appointed Saad Ahmed as the Head of the Asia-Pacific region. He is tasked with regional strategy and regulatory engagement within the region. Singapore will be established as the regional headquarters for Asia-Pacific operations. The dedication of the project towards the region shows their commitment.
Gemini is planning to hire more talents with the vision to expand its services in Singapore. They are taking steps to ensure a localized and secure trading experience for its members across the region. After the license is acquired, Gemini will be a licensed crypto exchange in Singapore. As per reports, Currency 28 crypto-related companies function in Singapore. The in-principle approval in Singapore is a major step for the project as it is the beginning of creating a global platform for crypto assets. Singapore is a potentially promising location for Gemini.
Current Updatea: Gemini versus other Jurisdiction
Singapore has been favorable to the expansion of Gemini, but it has faced severe difficulties in other regions. Securities and Exchanges Commission (SEC) has filed a lawsuit against Gemini in the US. They have claimed a regulatory offense against Gemini. They claimed that the exchange has provided unregistered securities and this has triggered greater surveillance of cryptocurrency exchanges.
Gemini also announced that they are shutting down the Canadian customer account in October 2024. The Canadian Securities Administration (CSA) has implemented a strict regulatory framework. This made the functioning of Gemini difficult in Canada. They will be closing all the customer accounts in Canada by the end of 2024. The regulatory framework has contributed to its expansion towards favorable jurisdictions. Singapore remained the primary option for the expansion. With the current expansion decision, Gemini is all set to provide a positive trading experience to the traders within Singapore.
The starting point for Gemini in Singapore seems to be an exciting opportunity for crypto enthusiasts within the region. Crypto traders can take advantage of the trading opportunities within Gemini. The project is all set for the launch in Singapore and the completion of the licensing process. With the leadership of Saad Ahmed, hopefully, Gemini will reach more regions within Asia-pacific within a short period.
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