Gemini and Bitrue are blazing new trails in regulatory compliance, showcasing their ongoing commitment to global expansion and consumer protection. Gemini has received in-principle approval for a Major Payment Institution (MPI) license in Singapore, and Bitrue has earned Virtual Asset Service Provider (VASP) status in Lithuania. Both approvals represent significant steps forward for these platforms in providing secure, regulated services in their respective regions.
Let’s take a look at what happened, what these licenses mean, and why these regulatory milestones matter to traders in the regions.
Gemini’s MPI License Approval: Enhancing Payment Services in Singapore
Gemini’s approval by the Monetary Authority of Singapore (MAS) marks a major step in its growth across the Asia-Pacific region. The in-principle approval (IPA) for the MPI license will enable Gemini to offer cross-border money transfers and digital payment token services under Singapore’s Payment Services Act 2019.
This approval aligns with Gemini’s focus on establishing Singapore as the heart of its operations in APAC. Since setting up a regional headquarters there, Gemini has focused on providing a secure and localized trading experience for the region. By working within Singapore’s regulatory framework, Gemini is helping set a standard for responsible digital asset management.
Gemini’s recently appointed Head of APAC, Saad Ahmed, has been crucial to advancing the company’s regional goals. With full licensing approval on the horizon, Gemini is poised to expand its offerings while enhancing the trust and security of its platform.
Over the past year, multiple exchanges have received MPI licenses in Singapore, including OKX, Bitstamp and Upbit. Singapore is considered one of the most important markets and trading hubs in the Asia. Regulatory approvals in this city state add some much-needed credibility to all exchanges available in Singapore.
Bitrue’s VASP Status in Lithuania: Expanding Crypto Services in the EU
Bitrue has also made regulatory headway with its Virtual Asset Service Provider (VASP) registration from Lithuania’s Financial Crime Investigation Service (FNTT). With registration number 306725033, Bitrue Lithuania UAB can now legally provide digital asset exchange, custody wallet services and crypto trading in Lithuania. This regulatory achievement signals Bitrue’s commitment to following anti-money laundering standards and fostering trust within the Web3 industry.
The approval comes as Bitrue eyes broader EU expansion through the upcoming Markets in Crypto-Assets (MiCA) Crypto-Asset Service Provider (CASP) license. The MiCA license would grant Bitrue expanded access to the European Union and European Economic Area, a region with high adoption rates for digital assets. Bitrue aims to be fully compliant in Europe, with a goal to service over 30 million crypto traders and investors in this high-growth market.
Adam O’Neill, Chief Marketing Officer at Bitrue, emphasized that regulation is essential to the legitimacy and sustainability of the cryptocurrency industry. Bitrue aims to establish itself as a trusted platform in the EU, aligning with national and regional regulatory frameworks.
With Lithuania as a regulatory foothold, Bitrue’s presence in Europe is set to strengthen, allowing it to expand its digital asset services and continue building trust among EU consumers.
Gemini’s and Bitrue’s recent regulatory achievements offer new ways for crypto enthusiasts and investors to engage with secure and regulated platforms. Whether you’re in Singapore or the EU, you can take advantage of the robust trading and asset management options offered by these industry leaders.
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Visit Gemini or Bitrue’s websites to learn more, explore investment options, and participate in their expanding crypto ecosystems.
