1. Accredited Investors explained

The Monetary Authority of Singapore (MAS) introduced Guidelines for Consumer Protection Measures by Digital Payment Token Service Providers (PS-G03) on 2 April 2024 which restrict the facilitation of certain activities like lending and staking of assets belonging to retail clients by digital payment token (DPT) services providers. Because of this, services like lending and staking can only be offered to  accredited and institutional investors.

An accredited investor is a customer who meets specific criteria under the Securities and Futures Act 2001 and opts in to be treated as an accredited investor. 

2. How to qualify as an accredited investor

You qualify as an accredited investor if you meet at least one of the following criteria:

• Income: Earned at least S$300,000 in the last 12 months, or
• Net financial assets: Exceed S$1,000,000, or 
• Net personal assets: Exceed S$2,000,000, with the following qualifications:
  1. The value of the individual’s primary residence is to be calculated by deducting any outstanding amounts in respect of any credit facility that is secured by the residence from the estimated fair market value of the residence and is taken to be the lower of this value or S$1,000,000; and 
  2. The value of the individual’s holdings of DPTs is to be calculated by applying a haircut of at least 50% to the market value of the individual’s holdings and is to be the lower of this value and S$200,000.
     
      

3. Why does the accredited investor status matter?

Under the PS-G03, DPT service providers cannot facilitate certain activities for the assets of retail users, such as lending and staking.

Accredited investors, however, can be offered these services and so accredited investors can access a broader range of features that are restricted for retail customers. 

4. Which Gemini features require accredited investor status?

Services such as staking require accredited investor status. If a product requires an accredited investor status, it will be clearly indicated within the Gemini app or website.

5. How do I apply as an accredited investor on Gemini?

Here's how to apply as an accredited investor:

1. Log in to Gemini via the mobile app, 
2. Open up your profile and select “Accredited Investor Verification”.

3. You will then be able to choose one of the following verification methods:

   1. Option 1: Verify via SingPass

      1. Choose "Verify with SingPass" to retrieve your MyInfo profile.

      2. If your MyInfo data meets the accredited investor criteria and you have read and consented to the AI Disclosure Statement, your account will be verified immediately. You will see an accredited investor badge on your profile and receive a confirmation email.

   2. Option 2: Manual Verification

      1. If you are unable to verify via SingPass, you may choose Manual Verification.

      2. Follow the in-app prompts to upload the required supporting documents for review.

      3. Our team will review your submission and get back to you within 2-3 business days. If we need any additional information or clarification, we will reach out to you directly. 

AI status is generally valid for one year, after which you’ll need to re-verify.

6. Required documents to qualify as an accredited investor in Singapore

Retail customers can provide the following documents to meet at least one of the three criteria to be verified as an accredited investor: 

1. Income ≥ S$300,000

• Payslips for the last 6 months
• Income tax assessment (latest IR8A or Notice of Assessment) issued in the preceding year
   

2. Net Financial Assets > S$1,000,000

• Bank statements;
• Fixed deposits certificate;
• CDP securities portfolio statements
• Brokerage statements
   
• Net Personal Assets > S$2,000,000
  
  Issued in the past 1 month:
• Crypto exchange statements
• Crypto wallet snapshots
  
  Issued in the past 3 months:
• Bank statements
• Fixed deposits certificate
• CDP securities portfolio statements
• Brokerage statements
  
  Others:
• Title deeds
• Property evaluation documents
• Mortgage loan documents

7. What about joint accounts?

Currently, we do not accept joint accounts applications.

8. Can I opt-out as an accredited investor in Singapore?

Yes. You can opt out of your accredited investor status at any time by contacting our support team here.

Once processed: 

• Access to accredited investor-only features will be removed; and
• Any accredited investor-only positions (such as staking) may need to be closed or withdrawn. In some cases, withdrawals may take time due to product-specific settlement periods.

Please note that any request to withdraw from being treated as an accredited investor will not affect the provision of or terms of any DPT services offered to and subscribed by you on the basis that you were an accredited investor prior to the withdrawal date.

9. How often must I re-verify my accredited investor status?

Accredited investor status must be renewed annually.

Gemini will notify you before your status expires so you can re-submit updated documentation.