Crypto liquidity provider GSR’s Singapore subsidiary, GSR Markets Pte. Ltd has received in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license. This development marks a significant milestone in GSR’s expansion strategy in the Asia-Pacific region.
The MPI license, granted by MAS, empowers GSR to offer a wide range of crypto and fiat-related services to Singaporean residents without the constraints of single transaction limits or monthly caps. GSR expressed its pride in meeting MAS’s stringent admission criteria and its commitment to diligently work towards obtaining a full license.
Xin Song, the Chief Operating Officer of GSR, lauded MAS for providing a clear framework for digital asset utility. This regulatory approval positions GSR as a reliable player in Singapore’s growing crypto ecosystem.
Established in 2013 in New Jersey, GSR is a renowned cryptocurrency trading firm engaged in over-the-counter crypto trading, derivatives, market making, and venture capital investments. The company holds Money Service Business licenses in multiple U.S. states.
GSR’s move to leverage its Singaporean subsidiary as a regional hub aligns with its strategic goal of expanding its presence in the Asia-Pacific region. This development comes on the heels of Coinbase, a prominent crypto exchange, also obtaining an MPI license from MAS on October 1st. Coinbase’s approval allows it to offer digital token services to individuals and institutions in Singapore.
Recent data shared by Coinbase indicates that a significant portion of Singaporeans view cryptocurrencies as the future of finance, with 32% of respondents claiming to be either current or past crypto owners. Singapore is home to more than 700 Web3 companies, showcasing the city-state’s burgeoning interest in blockchain technology and digital assets.
GSR’s regulatory approval paves the way for its enhanced participation in Singapore’s crypto market and broader aspirations within the Asia-Pacific region, marking a significant step towards the global adoption of cryptocurrencies.