Crypto liquidity firm GSR has received an MPI license in Singapore
Crypto trading firm and liquidity provider GSR Markets has received its full Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).
On April 4, it was reported that GSR had received the approval after receiving in-principle approval in October 2023. GSR Singapore CEO Xin Song said GSR is the first of its kind to receive an MPI license in the country.
Companies with an MPI license in Singapore are allowed to operate multiple payment services and bypass size limits for payment firms.
Licensed companies can exceed a volume limit of SG$3 million ($2.2 million) for a payment service and a monthly limit of SG$6 million ($4.4 million) for two or more payment services.
In the case of GSR, the license allows the company to operate an over-the-counter (OTC) venue and market service under the supervision of the Central Bank of Singapore.
The company It was founded in the United States in 2013 and facilitates OTC crypto trading, derivatives, market operations and capital investments. It also holds financial services business licenses in several states in the United States.
Singapore's regulatory efforts allow financial institutions to explore blockchain-based technologies to position the country as a digital asset hub.
As a result, many crypto companies targeting the region have pushed for MPI licenses to offer their services locally.
In the year By 2023, Crypto.com, Coinbase and Ripple have received formal approval for their MPI licenses in Singapore. Crypto.com received the license in June, Ripple and Coinbase received the official nod in October.
In the year In 2024, crypto exchange OKX and crypto custodian BitGo received approvals in principle for an MPI license in Singapore. BitGo received its first node in January, while OKX received its first confirmation in March.
Related: Singapore police recommend hardware wallets against crypto drainers
As Singapore embraces crypto innovation, the country is stripping away retail speculation and expanding the scope of its regulations.
MAS has issued measures to discourage retail investors from speculating on crypto investments after receiving feedback on the proposed Digital Payment Token (DPT) regulations.
In the year On November 24, MAS published five ways for DPT service providers to avoid pricing retail customers.
Recently, the Central Bank of Singapore expanded the scope of the Payment Services Act. On April 2, MAS said it had brought a number of activities within the scope of the Payment Services Act.
This includes custodial services for DPTs, token transfers and exchanges, and facilitation of cross-border fund transfers.
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