New York-based cryptocurrency trading firm Gemini recently received backing from Singapore's regulatory body to carry out its proposed expansion plans in the region. Before now, Gemini has attempted several times to solidify its activities in Singapore. However, regulatory constraints have hindered the vision.
Therefore, the go-ahead signal could qualify as a significant boost for Gemini as it would help to spread its operating tentacles. Relaying the latest development to the public, Saad Ahmed, the head of Gemini APAC operations, stated: “While the United States remains our largest market and global headquarters, Asia and Singapore, in particular, play a crucial role in our global strategy.”
Gemini Will Offer Fresh Services as Part of the New Licence Approval
According to reputable reports, the Monetary Authority of Singapore (MAS) approval would grant Gemini the license to offer Digital Payment Token (DPT) services and perform inter-regional transactions.
Singapore is the second most effective supporter of the Gemini network. Hence, it becomes safe to assert that it has attracted the company’s attention. For context, Gemini is the leading digital company in Singapore, followed by other crypto firms like Bitget, MEXC, Kraken, and Binance in no particular order.
Expanding Singapore-Based Trading Firm
Part of the efforts to sustain the trading pressure that could stem from the added features include Gemini expanding the workforce. The total number of functional team members in the region will double from the current 40 individuals.
Saad Ahmed spoke on expanding the Singapore workforce. In his exact wording, he stated: “We are also in the middle of our move to a larger office space to accommodate Gemini’s growing local team, a testament to our long-term commitment to Singapore.”
He went further to discuss the US presidential elections, where he gave conflicting remarks about the upcoming US elections. He remained optimistic that the outcome of the election would not negatively impact the cryptocurrency ecosystem. Instead, it would ensure an upward trajectory of growth for the company.
