GSR’s newly acquired license bestows upon them the authority to deliver an array of cryptocurrency and fiat-related services to the discerning populace of Singapore. GSR Markets Pte. Ltd., the cryptocurrency trading firm and liquidity provider’s Singaporean subsidiary, has garnered provisional approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license.
In an official statement released on October 2, GSR expressed its pride in successfully surmounting the exacting standards set forth by MAS, and affirmed its unwavering commitment to securing a full-fledged license. The firm has ambitious plans to leverage its Singaporean subsidiary as a pivotal springboard for venturing into the dynamic Asia-Pacific region.
An MPI license grants institutions the coveted privilege of furnishing crypto and fiat-related services to Singapore’s denizens. Licensed enterprises enjoy the freedom to facilitate payment services without enduring the constraints of individual transaction ceilings, which are set at 3 million Singaporean dollars ($2.2 million), or the monthly thresholds of 6 million Singaporean dollars ($4.4 million). Xin Song, the Chief Operating Officer of GSR, lauded the Monetary Authority of Singapore for providing an exemplary framework for the utilization of digital assets, marking them as pioneers in this burgeoning domain.
Established in the year 2013, hailing from the state of New Jersey, GSR stands at the forefront of over-the-counter crypto trading, complemented by their involvement in derivatives, market making, and strategic venture capital investments. This illustrious firm proudly boasts an array of Money Service Business licenses spanning multiple states.
In a news article published on October 1, Cointelegraph broke the news of crypto exchange juggernaut Coinbase clinching a coveted full-fledged MPI license from the esteemed Monetary Authority of Singapore. This regulatory green light paves the way for Coinbase to offer a gamut of digital token services, catering to both individuals and institutions within the dynamic Singaporean landscape.
Citing data meticulously compiled by Coinbase, a substantial 25% of surveyed Singaporean individuals envision cryptocurrencies as the harbinger of the financial future, with a noteworthy 32% of respondents identifying themselves as either current or former cryptocurrency aficionados. Remarkably, the city-state of Singapore plays host to an impressive array of over 700 Web3 companies, signifying its pivotal role in the ever-evolving landscape of digital innovation.
