As a seasoned analyst with extensive experience in the digital asset market, I view this move by Gemini as a strategic expansion that underscores their commitment to tapping into promising markets. Singapore’s robust regulatory framework and its status as a regional hub for cryptocurrency make it an attractive destination for any serious player in the industry.
A U.S.-based cryptocurrency trading platform, Gemini, has been given approval by Singaporean regulators to expand into their market, thereby increasing its influence in Asia.
A New Crypto Exchange Option
A fresh digital asset trading platform is poised to debut in Singapore’s cryptocurrency market following approval for the Gemini crypto exchange, or Gemini Trust Company LLC, to function as a significant payment institution within the country. This approval was granted by the local authorities.
In other words, the MAS, which is a government agency, has given a favorable response to the company’s request for a license to provide its services within Singapore.
Residents of a Southeast Asian nation can now utilize an American cryptocurrency platform for making international money transfers and various digital payment transactions.
Gemini stated that getting the IPA signifies a significant achievement for the cryptocurrency company, as it underscores their dedication to adhere to the rigorous regulatory guidelines of the respective nation.
The cryptocurrency firm emphasized that this new development underscores their commitment to the thriving cryptocurrency scene in Singapore, a market that also hosts other prominent digital asset companies like Coinbase, Crypto.com, Binance, and OKX.
A Key Crypto Market For Gemini
As a crypto enthusiast, I’ve been working tirelessly to establish a foothold in the digital currency scene of Singapore, as this vibrant city-state has long been at the core of my company’s activities.
Ever since it set up its regional base within the nation, the exchange has been committed to broadening its influence not just in Singapore, but also throughout other countries within the Asia-Pacific area. The company’s goal is to offer a trading platform that combines local relevance with robust security, while ensuring compliance with regional regulatory guidelines.
“We believe that the regulatory frameworks set by MAS strike a balance between fostering innovation and ensuring consumer protection,” Gemini said in a statement.
In addition to its existing operations, Gemini also carries out business in countries such as the Philippines, Taiwan, South Korea, and Vietnam, which fall within the Asia-Pacific region.
Pulling Out Of The Canadian Market
While I’m expanding my crypto investments in the bustling Asia-Pacific market, it’s regrettable to note that the specific platform I’m invested in is choosing to wind down its operations in Canada, despite the growth opportunities there.
Previously this month, Gemini announced that they would no longer be operating in Canada after December 31st, 2024, giving their Canadian users until then to remove their cryptocurrency assets from the platform.
Some analysts have connected the recent CSA rule, which mandates digital asset trading platforms to submit a “pre-registration undertaking” before continuing operations in Canada, with this specific ruling.
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2024-10-31 17:42