The Winklevoss twins-founded crypto exchange Gemini is positioning itself, with Singapore as its regional headquarters, as a significant player in the rapidly evolving Asia-Pacific digital asset landscape through strategic hires, partnerships and the attainment of regulatory milestones.
Singapore has long been a focal point for Gemini’s operations in the region. Since its launch in the city-state in 2019, the company has steadily expanded its footprint, establishing itself as one of the first platforms to offer Singapore dollar on-ramps.
Accelerating the exchange’s expansion is the task of Saad Ahmed, Gemini’s Asia-Pacific head. In a recent interview, Ahmed tells The Asset that the firm currently employs 40 staff locally, but he has plans to double that headcount in 2025.
The appeal of being based in Singapore, according to Ahmed, lies in its clarity around cryptocurrency regulations and its status as a global financial hub. “The Monetary Authority of Singapore (MAS) framework balances innovation with consumer protection,” he explains. “Our efforts in Singapore reflect our commitment to operating at the highest regulatory standards while bringing a secure and compliant trading experiences to users.”
Gemini recently received in-principle approval for a major payment institution (MPI) licence from the MAS, enabling it to offer cross-border money transfers and digital payment token services under Singapore’s Payment Services Act.
The company has also invested heavily in its technology capabilities, with 50% of its Singapore team focused on building global trading systems and matching engines.
Despite a competitive hiring landscape, Ahmed expresses confidence in Singapore’s talent pool. “We haven’t hit the ceiling in terms of talent availability,” he notes, “and we’re strategically hiring across technical and non-technical roles.”
Upping institutional offerings
Institutional adoption of crypto as a stand-alone asset class is said to be expanding rapidly, potentially transforming businesses such as Gemini.
Enterprise software company MicroStrategy’s meteoric rise underscores the growing institutional embrace of crypto as an asset class, with the company leveraging bitcoin not just as a hedge against inflation but as a core financial strategy.
This year alone, MicroStrategy’s stock has surged nearly 700%, outpacing bitcoin’s own gains, as record cryptocurrency prices redefine corporate balance sheets. With a portfolio of 331,200 bitcoins valued at about US$31 billion, the company’s aggressive acquisitions, including a US$2 billion purchase in just 10 days, showcase its unwavering confidence in digital assets.
As institutional interest in digital assets continues to grow, Gemini is making targeted moves to capture this market in Asia. The company recently partnered with Rakkar, a homegrown Asian digital asset custodian, to enhance its institutional offerings. The collaboration provides institutional clients with access to Gemini’s advanced trading capabilities and Rakkar’s robust custodial solutions.
“Ensuring a secure and robust crypto ecosystem for our institutional clients has always been a top priority for Gemini,” Ahmed says. “This partnership is a critical step toward driving adoption and ensuring institutions feel confident navigating the digital asset space.”
The focus on institutions is timely, with family offices in Asia, holders of significant regional wealth, showing increasing interest in digital assets.
A recent report, Ahmed highlights, suggests that 40% of family offices plan to allocate funds to cryptocurrencies within the next two years, a move he says indicates a generational shift in wealth management strategies.
Crypto future
Asia’s progressive regulatory frameworks have provided a fertile ground for the digital asset industry to flourish. Singapore, in particular, stands out for its ease of doing business and clear compliance requirements, which have helped attract major crypto players.
Singapore is seen by Ahmed as a springboard for expansion into other Asia-Pacific markets, including North Asia, Southeast Asia, India and the Middle East. “We are actively exploring opportunities in markets like Indonesia, Malaysia and Thailand,” he points out, noting the alignment between digital assets and the region’s burgeoning e-commerce ecosystems.
Looking ahead, he envisions digital assets becoming integral to financial services across Asia. “Beyond trading and speculative investments,” he shares, “digital assets offer transformative potential, especially in remittances, cross-border payments and decentralized finance.”
Challenges, competition
Gemini’s journey in Asia, Ahmed points out, has not been without its challenges. Obtaining the MPI licence, for instance, required years of engagement with the financial regulator, particularly in light of the broader turbulence in the crypto industry following incidents like the FTX collapse. Despite these obstacles, he stresses the importance of clear regulations in fostering stability and investor confidence.
Competition, too, is heating up, with traditional financial institutions like DBS Bank entering the digital asset space. Ahmed, however, views this as a positive development. “Institutions entering the space validate the sector. We welcome their participation, as it expands the ecosystem and ultimately benefits adoption.”
Building confidence
However, while cryptocurrencies have grown in popularity, a good deal of scepticism persists among potential investors. For guarded investors, Ahmed advises a cautious and informed approach to investing in digital assets. “The most important step is education,” he stresses, “understanding blockchain basics, digital scarcity and the use cases for cryptocurrencies like bitcoin.”
New investors should also choose regulated platforms and start small to manage risk. “At Gemini,” he adds, “we prioritize security and compliance, providing users with the tools to invest confidently.”
Road ahead
As Gemini deepens its roots in Asia, its multi-pronged strategy centred on regulatory compliance, institutional engagement and technological innovation could position the company as a potential leader in the region’s digital asset ecosystem.
“The opportunities in Asia are immense,” Ahmed concludes. “We’re building a strong foundation for growth, ensuring our offerings meet the needs of diverse stakeholders while driving the maturation of the crypto ecosystem.
“Crypto adoption in Asia is still in its early stages, with markets like Singapore showing only 26% penetration among individuals who have owned cryptocurrency, highlighting immense growth potential.”
“Supported by strategic hubs like Singapore, clear regulatory frameworks and dynamic partnerships, Asia offers unparalleled opportunities for both retail and institutional crypto expansion.”
