Gemini, the crypto exchange founded by Tyler and Cameron Winklevoss, has received in-principle approval for its Major Payment Institution license application in Singapore as it continues its expansion drive in Asia.

The company said in a statement on Tuesday that the preliminary approval from the Monetary Authority of Singapore underscores its "dedication to the Singapore market” and that the city-state has long been “the heart of our operations in APAC.” The MPI license allows exchanges to provide cross-border money transfer and digital payment token services.

“Since establishing our regional headquarters in Singapore, we’ve focused on expanding our footprint, ensuring that we bring a localized, secure, and compliant trading experience to users across the region,” said Gemini.

Gemini’s license application update came after it hired Saad Ahmed as its head of APAC in January. Ahmed previously held leadership roles at Uber and Grab in the region.

Gemini announced in June last year that it was expanding its hub in Singapore to target the Asian market as it seeks opportunities outside the U.S. The company said in the Tuesday statement that it is still growing its team in Singapore, with a particular focus on talent in growth support and compliance.

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