Gemini, the U.S.-based crypto exchange and custodian, is planning to expand its services to Singapore with the appointment of Jeremy Ng as its new managing director of Asia-Pacific.
Ng’s appointment as Gemini’s Asia managing director makes the firm eligible to apply for a license with the Monetary Authority of Singapore (MAS) under Singapore’s 2019 Payment Services Act. According to the act, a qualifying requirement for a license application is that at least one of the firm’s directors should be Singaporean or a permanent resident of Singapore, where Ng resides.
Previously the Asia CEO of Leonteq, a firm specializing in structured financial products, Ng has worked in the financial services sector in Hong Kong and Singapore for about 20 years. In an emailed statement to Coindesk, Gemini said that Ng would report directly to Gemini President Cameron Winklevoss.
“We look forward to building a presence in this major Fintech hub and the Asia Pacific region with Jeremy leading the way," Winklevoss said in the statement.
According to Gemini’s press release, Ng’s appointment is part of the firm’s continued global expansion plan. Gemini had also recently appointed senior level executives as part of this plan in Europe.
A Gemini spokesperson said that the exchange’s new locations would reflect where the firm sees the most opportunity for cryptocurrency.
“Singapore has been an important part of the crypto movement since the industry’s early days and we recognize the region’s thoughtful approach to regulation,” the spokesperson said. Gemini had also recently announced a partnership with Samsung Blockchain Wallet, which would allow users in the United States and Canada to buy, sell and trade cryptocurrency using Gemini’s mobile app.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.