Crypto liquidity provider GSR receives regulatory approval in Singapore
Cryptocurrency trading firm and liquidity provider GSR's Singaporean subsidiary, GSR Markets Pte. Ltd, has received principal approval from the Monetary Authority of Singapore (MAS) for a Principal Payment Institution (MPI) licence.
“GSR is proud to have met the stringent entry requirements set by MAS and will work diligently towards full accreditation,” the organization said in an Oct. 2 announcement. GSR plans to use the Singapore branch as a hub to expand into the Asia-Pacific region.
MPI licenses allow institutions to provide crypto and fiat related services to Singapore residents. Licensed firms are allowed to operate payment services without a single transaction limit of 3 million Singapore dollars ($2.2 million) and a monthly limit of 6 million Singapore dollars ($4.4 million). “MAS has led the way in providing a clear framework for digital asset utility,” said Xin Song, COO of GSR.
In the year Founded in New Jersey in 2013, the firm conducts free crypto trading along with derivatives, market operations and capital investments. The firm holds financial services business licenses in several states.
On October 1, Cointelegraph reported that crypto exchange Coinbase had received a full MPI license from MAS. The regulatory approval allows Coinbase to offer digital token services to individuals and institutions in Singapore.
According to data provided by Coinbase, 25% of surveyed Singaporeans consider crypto to be the future of finance, with 32% of respondents claiming to be current or past crypto owners. The city-state is home to more than 700 companies from Web3.
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