The Gemini crypto coin exchange is increasingly expanding in Asia; they have appointed former Leonteq Asia CEO Jeremy Ng as managing director of the Asia Pacific region.
The move provides for the Winklevoss twins to apply for a licence under Singapore’s Payment Services Act 2019, which requires at least one director to be a Singapore citizen or permanent resident.
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Ng will oversee the overall strategy and create a team in the region, reporting directly to Gemini’s president, Cameron Winklevoss. With over 20 years of experience in financial services, Ng has worked for the world’s leading banks, including Goldman Sachs, Cryptosoft and Morgan Stanley.
Winklevoss said the focus on Southeast Asia has gone hand in hand with regulatory developments in Singapore:
„The Singapore Monetary Authority has developed careful regulation that is paving the way for greater adoption and innovation. We look forward to having a presence at this important Fintech center and in the Asia Pacific region with Jeremy leading the way.
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It’s all part of the plan.
A Gemini spokesman told Cointelegraph that while the platform has been available to Singapore clients since 2016, the move to develop a physical presence in the region was a natural step following the appointment of Julian Sawyer as Managing Director of the Europe region in December 2019:
„We’ve long planned to expand in APAC, and this is the latest in a series of movements that have expanded our international footprint over the past year.“
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The spokesperson confirmed that the company intends to apply for a licence under the Payment Services Act to the Monetary Authority of Singapore (MAS):
„We look forward to continuing to expand our presence in the APAC region and are committed to complying with all regulations, as well as our application to the FCA in the UK.
A challenging move
The spokesman said that every region where Gemini expands has a new set of financial challenges and regulations, and one of the reasons Ng was hired was because of her extensive experience in local financial markets.