In order to comply with Monetary Authority of Singapore (MAS) regulations that prohibit Virtual Asset Service Providers (VASPs) who are licensed or have active license applications in Singapore from offering staking services to Singapore retail customers, Gemini will be ending Gemini Staking for Singapore retail customers.
Moving forward, retail customers based in Singapore will need to be an Accredited Investor should they wish to continue staking with Gemini.
To ensure full compliance with these regulations, we will implement the following changes to our staking product in Singapore:
- Suspension of New Staking Requests: Beginning on 15 October 2023, we will no longer accept new staking requests from non-accredited retail customers in Singapore. This decision is essential as we work diligently to adapt our services to align with the evolving regulatory landscape.
- Sunsetting of Gemini Staking for Non-Accredited Retail Customers: Beginning on 1 November 2023, we will start automatically withdrawing Singapore-based non-accredited retail customers’ staked assets from Gemini Staking and we will deposit those assets, and any accrued staking rewards, in each respective customer’s Gemini Exchange account.
- Options for Existing Staked Positions: If you currently have active staking positions with Gemini, you will have the option to register as an accredited investor to maintain your staking positions. Click here to access the registration portal.
If you do not choose to register as an accredited investor, or if you do not complete the accredited investor registration process by 1 November 2023, your staking position will be automatically closed and your staked assets returned to your Gemini Exchange account once the unstaking process is complete.
Why are only Singapore retail customers prohibited from using Gemini Staking?
The Monetary Authority of Singapore (MAS) requires that all VASPs, and other entities that have applied for or received a license pursuant to the Payment Services Act 2019 (as amended), to be fully compliant with all relevant MAS regulations, effective immediately. This requires refraining from offering staking services to Singapore retail customers.
Is there any way I can still use Gemini Staking?
If you would like to continue to stake your digital payment tokens (DPT) with Gemini, you can do so only if you register with Gemini as an Accredited Investor by filling out the linked Accredited Investor Evaluation Form and providing any supporting documentation required by the form or requested by Gemini pursuant to a review of your accredited investor status.
In order to avoid having your staked DPT automatically withdrawn on 1 November 2023, you must have submitted your Accredited Investor Evaluation Form by that date, and you must have successfully been confirmed as an Accredited Investor no later than 1 November 2023.
What happens if I don’t withdraw my DPT from Gemini Staking?
We ask that all Singapore retail customers execute the request to withdraw Gemini Staking positions by 1 November 2023. However, if you do not withdraw your staked digital assets by that date, and if you have not submitted your Accredited Investor Evaluation Form by that date, Gemini will automatically execute a withdrawal request on your behalf and will deposit the your staked digital assets, plus any earned staking rewards, in your Gemini Exchange account once your position has been unstaked.
Please note that those customers who choose to wait until 1 November 2023 and have their staking positions automatically withdrawn by Gemini may have to wait longer than usual to receive their staked digital assets back into their Gemini Exchange account, based on the larger volume of unstaking requests and the potential delays in unstaking these positions.
What are the criteria for becoming an Accredited Investor?
An Accredited Investor is anyone who has met one or more of the following three criteria established by the Monetary Authority of Singapore (MAS):
- Income in the preceding 12 months of not less than S$300,000 (or its equivalent in a foreign currency);
- Net personal assets exceeding S$2 million (or its equivalent in a foreign currency) in value, of which the net value of the investor's primary place of residence can only contribute up to S$1 million; or
- Net Financial Assets exceeding S$1 million (or its equivalent in a foreign currency) in value.
You will need to provide documentary evidence for any of the criteria which you wish to use to support your application, as well as any other information or documentation required by Gemini in order to verify your Accredited Investor status.
I am a current customer of Gemini Staking. What if I apply to become an Accredited Investor but am not accepted, or if I cannot provide the required supporting information and/or documentation by 1 November 2023?
If you do not apply for Accredited Investor status, or if you cannot satisfactorily demonstrate that you fulfill at least one of the Accredited Investor qualifying criteria, to Gemini’s satisfaction, by 1 November 2023, your staked assets will automatically be withdrawn from Gemini Staking and deposited into your account once the unstaking process is completed.
I am not a current customer of Gemini Staking. Can I apply to become an Accredited Investor and then stake with Gemini Staking Pro?
Yes. You will be eligible to participate in Gemini Staking Pro as soon as your Accredited Investor status has been approved by Gemini.
What is Gemini Staking Pro?
Staking Pro is a service designed for advanced customers who require more control over their staked assets and desire greater on-chain transparency.
This service is ideal for those who want to avoid sharing staking rewards and are willing to meet the network minimums. To stake on Ethereum the minimum is 32 ETH. However, it is worth noting that customers may need to stake significantly more than the minimum staking amount in order to accrue high returns. You can find out more about Staking Pro here.