GSR Markets Pte. Ltd., the Singaporean subsidiary of global cryptocurrency trading firm GSR, has received In-Principle Approval for a Major Payment Institution licence from the Monetary Authority of Singapore (MAS). Announced on October 2, 2023, this regulatory milestone is a significant advancement in GSR’s journey to become a fully licensed entity. The approval allows GSR to better serve the cryptocurrency community in both Singapore and the broader Asia-Pacific region, reinforcing its commitment to compliance and governance in the rapidly evolving digital asset space.
The In-Principle Approval for GSR comes just a day after Coinbase Singapore revealed that it had secured a full Major Payment Institution licence from MAS. This follows earlier announcements from Circle, Blockchain.com, and Crypto.com, who also obtained MPI licenses earlier this year. The series of approvals from MAS highlights the competitive yet regulated landscape of the cryptocurrency market in Singapore, a jurisdiction that is increasingly becoming a hotspot for blockchain and crypto enterprises.
Jakob Palmstierna, CEO of the GSR Group, expressed his gratitude towards MAS for their constructive oversight. He stated, “We are immensely grateful to MAS for their constructive oversight, which helps shape a growing digital asset ecosystem that we feel proud to be a substantial part of.” Xin Song, the Group’s COO, echoed this sentiment, emphasizing that the In-Principle Approval enables GSR to “deepen our local client partnerships, and continue in our critical role as a liquidity provider within the ecosystem.”
Singapore has been making strides in establishing itself as a significant player in the crypto and Web3 space. According to recent surveys, 25% of Singaporeans view cryptocurrency as the future of finance, and 32% are either current or past crypto owners. Furthermore, the city-state is home to over 700 Web3 companies, making it a pivotal market for the growth of the crypto and Web3 economy. GSR aims to capitalize on this burgeoning ecosystem by leveraging Singapore as a strategic hub for its Asia-Pacific operations.
The In-Principle Approval is more than just a regulatory milestone for GSR; it’s a testament to the firm’s commitment to adhering to high standards of compliance and governance. As GSR works diligently towards obtaining a full licence, it plans to expand its suite of services and deepen its relationships with institutional clients in the region. The firm remains committed to playing a critical role as a liquidity provider and aims to contribute meaningfully to Singapore’s growing digital asset ecosystem.
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