GSR Markets Pte. Ltd, the Singaporean subsidiary of cryptocurrency trading firm and liquidity provider GSR, has garnered in-principal approval for a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). This endorsement empowers GSR to extend crypto and fiat-related services to both residents and entities in Singapore.
GSR’s Commitment to Compliance
GSR expressed its pride in meeting the stringent admission criteria set by MAS, . This further emphasized its dedication to obtaining a full license. The announcement on October 2 highlighted the firm’s proactive approach in achieving compliance. The company now sets its sights on leveraging its Singaporean subsidiary as a strategic hub for expansion into the Asia-Pacific region.
GSR’s Strategic Move
Securing an MPI license positions GSR as a reputable player in the digital asset space. It also grants the company the authority to conduct payment services without being restricted by the single transaction limits of 3 million Singaporean dollars ($2.2 million) and monthly limits of 6 million Singaporean dollars ($4.4 million).
Xin Song, Chief Operating Officer of GSR, commended MAS for providing a clear framework for digital asset utility.
Founded in 2013 in New Jersey, GSR has evolved into a comprehensive financial entity. It engages in over-the-counter crypto trading, derivatives, market making, and venture capital investments. Holding Money Service Business licenses across multiple states, the firm’s move into the Asia-Pacific region marks a strategic step in its global expansion strategy.
Coinbase and GSR: Parallel Moves in Singapore’s Crypto Landscape
This development follows closely on the heels of crypto exchange Coinbase securing a full MPI license from MAS on October 1. Coinbase’s regulatory approval positions it to offer digital token services to both individuals and institutions in Singapore. This further reflects the growing prominence of the city-state in the global crypto landscape.
Singapore’s Crypto Landscape
Coinbase’s data reveals intriguing insights into Singapore’s crypto adoption. According to a survey, 25% of respondents see crypto as the future of finance. Also, 32% identifying as either current or past crypto owners. Against this backdrop, Singapore boasts a thriving ecosystem with over 700 Web3 companies contributing to the city-state’s dynamic digital landscape.
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