Crypto trading firm and liquidity provider GSR Markets has obtained its full major payment institution (MPI) license from the Monetary Authority of Singapore (MAS), marking a significant milestone for the company.
GSR reportedly secured the MPI license after receiving in-principle approval in October 2023. CEO Xin Song stated that GSR is the first of its kind to receive such a license in Singapore.
MPI-licensed companies in Singapore are permitted to conduct multiple payment services and exceed volume limitations for payment firms. This includes surpassing the volume limits set for individual payment services and monthly thresholds for multiple services.
With the MPI license, GSR can conduct its over-the-counter (OTC) spot and market-making services under the oversight of Singapore’s central bank.
Founded in the United States in 2013, GSR facilitates OTC crypto trading, derivatives, market making, and venture capital investments. It holds money service business licenses across several U.S. states.
Singapore’s regulatory environment encourages financial institutions to explore blockchain-based technologies, positioning the country as a digital asset hub. Many crypto companies, including Crypto.com, Coinbase, Ripple, OKX, and BitGo, have pursued MPI licenses to operate within Singapore.
While Singapore supports crypto innovation, it is also implementing measures to address retail speculation in the crypto market. MAS has laid down guidelines to discourage retail investors from engaging in speculative crypto investments and expanded the scope of its Payment Services Act to cover various activities related to digital payment tokens (DPTs).
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