Singapore Grants Gemini Crypto
Expansion Wish—
Is Asia The
Next Big Crypto
Hub?
Singapore Grants Gemini Crypto Expansion Wish—Is Asia The Next Big Crypto Hub?
by Christian Encila
2 mins ago
in Crypto News
0
An American cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта exchange is set to enter the Singaporean market as
it strengthens its presence in Asia. Singaporean regulatory authorities have
given the go-signal to the Gemini crypto platform to offer its services to its
Southeast Asian nation s clients.
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A new exchange platform is about to enter the Singaporean cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта space
after the Gemini crypto exchange platform, also known as the Gemini Trust
Company• Объект организация » Организации по алфавиту » Организации на Mi » Milestone (компания) LLC, got an In-Principle Approval (IPA) from the state authorities to
operate as a Major Payment Institution (MPI) in the country.
This means that the government-run Monetary Authority of Singapore (MAS) has
responded positively to the company• Объект организация » Организации по алфавиту » Организации на Mi » Milestone (компания) s license application to offer its
services to those living in Singapore.
Citizens of the Southeast Asian country will be able to use the American
crypto platform for their cross-border money transfers and other digital
payment services.
Gemini said that receiving the IPA can be considered a milestone• Объект организация » Организации по алфавиту » Организации на Mi » Milestone (компания) for the
crypto firm because it emphasizes its commitment to operate in a country with
such high regulatory standards.
The crypto company• Объект организация » Организации по алфавиту » Организации на Mi » Milestone (компания) added that this development only reinforces their
dedication to the flourishing crypto market• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта in Singapore which already has
other digital asset players such as Coinbase, Crypto.com, Binance• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Binance, and OKX.
As of today, the market cap of cryptocurrencies• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта stood at $2.37 trillion.
Chart: TradingView
A Key Crypto Market• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта For Gemini
Gemini officials said that the cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта company• Объект организация » Организации по алфавиту » Организации на Mi » Milestone (компания) has exerted efforts to
become part of the virtual coin market in Singapore since the country has been
the heart of its operations.
Since establishing its regional headquarters• Экономика » Бизнес » Штаб-квартира in the country, the exchange has
focused on expanding its presence in Singapore and other countries in the
Asia-Pacific Region, saying that the company• Объект организация » Организации по алфавиту » Организации на Mi » Milestone (компания) aimed to bring a localized but
secure trading platform that is also compliant with regulatory policies across
the region.
“We believe that the regulatory frameworks set by MAS strike a balance between
fostering innovation• Экономика » Бизнес » Инновация and ensuring consumer protection,” Gemini said in a
statement.
The Philippines, Taiwan, South Korea, and Vietnam are among the Asia-Pacific
nations where Gemini now conducts business• Экономика » Бизнес in.
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Analyst Says
Pulling Out Of The Canadian Market
In contrast, the cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта platform will be shutting down its operations
in Canada, even though Gemini is growing its presence in the Asia-Pacific
region.
Gemini said earlier this month that its Canadian consumers had until December
31, 2024, to withdraw their cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта funds from the exchange platform
because it will soon cease operations in Canada.
The new rule enforced by the Canadian Securities Administrators (CSA) that
requires digital asset trading platforms to complete a pre-registration
undertaking in order to continue operating in Canada was linked by some
analysts to this judgment.
Featured image from State Department, chart from TradingView