Cryptocurrency Trading Firm GSR Receives Approval for MPI License in Singapore
GSR Markets Pte. Ltd, the Singaporean subsidiary of cryptocurrency trading firm and liquidity provider GSR, has obtained in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license. This allows GSR to offer crypto and fiat-related services to residents of Singapore without being subject to transaction and monthly limits. The company plans to use its Singaporean subsidiary as a base for expanding into the Asia-Pacific region. GSR, founded in 2013 in New Jersey, conducts over-the-counter crypto trading, derivatives trading, market making, and venture capital investments.
Singapore Embraces Crypto
A survey conducted by Coinbase revealed that 25% of Singaporeans view cryptocurrency as the future of finance. Additionally, 32% of respondents identified themselves as either current or previous crypto owners. Singapore is home to more than 700 Web3 companies, indicating a strong interest and adoption of blockchain technology in the country.
Hot Take: GSR’s MPI License Sets the Stage for Expansion in Asia-Pacific
GSR’s receipt of an MPI license from MAS is a significant milestone that paves the way for the company’s expansion into the Asia-Pacific region. With this license, GSR can provide a wide range of crypto and fiat-related services to residents of Singapore without being limited by transaction and monthly caps. This regulatory approval demonstrates Singapore’s progressive approach towards digital assets and solidifies its position as a leading hub for cryptocurrency businesses. As GSR leverages its newly acquired license, it has positioned itself to tap into the growing demand for cryptocurrency services in one of Asia’s most dynamic financial markets.
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