The Singaporean subsidiary of cryptocurrency trading firm and liquidity provider GSR, GSR Markets Pte. Ltd, has garnered in-principal approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license, as announced on October 2nd. Attaining an MPI license is a significant stride as it permits institutions to provide both cryptocurrency and fiat-related services to Singapore’s residents. Licensed entities can facilitate payment services without adhering to single transaction limits of 3 million Singaporean dollars (approximately $2.2 million USD) and monthly transaction limits of 6 million Singaporean dollars (around $4.4 million USD).
GSR expressed pride in fulfilling the stringent entry requirements set by MAS and affirmed a commitment towards working diligently to achieve a full license. The firm envisages its Singaporean subsidiary serving as a pivotal hub for its expansion initiatives throughout the Asia-Pacific region.
GSR, established in 2013 in New Jersey, engages in a myriad of activities in the cryptocurrency space, such as over-the-counter crypto trading, derivatives, market making, and venture capital investments. Across several states, the firm holds Money Service Business licenses.
As part of the larger contextual framework, on October 1st, it was reported that cryptocurrency exchange Coinbase secured a full MPI license from MAS, thus enabling it to extend digital token services to both individual and institutional customers in Singapore. This demonstrates a forward-moving regulatory momentum in the city-state, where according to Coinbase data, 25% of surveyed residents view cryptocurrency as the future of finance and 32% of respondents acknowledge that they are either current or former crypto asset holders. Singapore hosts over 700 Web3 companies, reflecting a burgeoning and supportive environment for digital assets and related technologies.
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