US cryptocurrency exchange is set to go on Entering the Singaporean market It also strengthened its presence in Asia. Singaporean regulatory authorities have given the go-ahead for cryptocurrency platform Gemini to offer its services to its clients in the Southeast Asian country.
A new option for exchanging cryptocurrencies
A new exchange is about to enter the Singaporean cryptocurrency space after cryptocurrency exchange Gemini, also known as Gemini Trust Company LLC, received approval. Initial Approval (IPA) From the state authorities to act as the main payment institution (MPI) in the country.
This means that the government-run Monetary Authority of Singapore (MAS) has responded positively to the company’s license application to provide its services to those living in Singapore.
Citizens of the Southeast Asian country will be able to use the US cryptocurrency platform for cross-border money transfers and other digital payment services.
twin He said that obtaining the IPA could be considered a milestone for the cryptocurrency company because it confirms its commitment to operating in a country with such high regulatory standards.
The cryptocurrency company added that this development only reinforces its commitment to Singapore’s thriving cryptocurrency market which already includes other digital asset players such as Coinbase, Crypto.com, Binance and OKX.
As of today, the market cap of cryptocurrencies stood at $2.37 trillion. Chart: TradingView
Major crypto market for Gemini
Gemini officials said that Cryptocurrency The company made efforts to become a part of the virtual currency market in Singapore since the country was the heart of its operations.
Since establishing its regional headquarters 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 aims to provide a local trading platform that is secure and also compliant with regulatory policies across the country. Area.
“We believe that the regulatory frameworks established by MAS strike a balance between promoting innovation and ensuring consumer protection,” Gemini said in a statement.
The Philippines, Taiwan, South Korea and Vietnam are among the Asia-Pacific countries where Gemini now does business.
Withdrawal from the Canadian market
In return, the cryptocurrency platform will close its operations in Canada, although Gemini is working to strengthen its presence in the Asia-Pacific region.
Gemini said earlier this month that Canadian consumers have until December 31, 2024 to withdraw their cryptocurrency funds from the exchange because it will soon cease operations in Canada.
Some analysts have linked a new rule imposed by the Canadian Securities Administrators (CSA) requiring digital asset trading platforms to complete a “pre-registration undertaking” in order to continue operating in Canada to this ruling.
Featured image from FCO, chart from TradingView
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