Major Payment Institution License Granted to Crypto Market Maker GSR by Monetary Authority of Singapore (MAS)
GSR, one of the oldest market makers in the cryptocurrency industry, has received in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution license. This milestone will allow GSR to strengthen its presence in the Singapore market and utilize it as a strategic base for investment in the region. Additionally, it aims to promote the adoption of web3 technology.
The global cryptocurrency trading firm and liquidity provider expressed its gratitude to MAS for their guidance and oversight, which has played a crucial role in shaping the digital asset ecosystem. GSR Group CEO Jakob Palmstierna stated that they are proud to be an integral part of this growing ecosystem.
GSR Group COO Xin Song also expressed delight at being recognized as one of the first firms in their category to receive in-principle approval from a reputable regulator like MAS. He highlighted MAS’s contribution in establishing a clear framework for digital asset utility, enabling GSR to strengthen local client partnerships and continue serving as a liquidity provider within the ecosystem.
Coinbase Also Receives Full Major Payment Institution License from MAS
Earlier today, Coinbase, a leading cryptocurrency exchange, was granted a full Major Payment Institution license by MAS. This comes almost a year after receiving in-principal approval from the regulatory authority.
Hot Take: Crypto Market Makers Expanding Their Presence with Regulatory Approvals
The recent approval of Major Payment Institution licenses for GSR and Coinbase by MAS highlights the increasing recognition and acceptance of cryptocurrency market makers within traditional financial frameworks. These regulatory approvals not only validate the credibility and compliance of these firms but also pave the way for further adoption and integration of cryptocurrencies into mainstream finance. As market makers deepen their roots in key regions like Singapore, they can play a vital role in fostering liquidity and facilitating the growth of the digital asset ecosystem. The collaboration between market makers and regulatory authorities is crucial for ensuring a robust and well-regulated crypto industry.
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