GSR Markets Receives In-Principle Approval for Major Payment Institution License in Singapore
GSR Markets Pte. Ltd., the Singaporean subsidiary of cryptocurrency trading firm GSR, has achieved a significant milestone in its journey towards becoming a fully licensed entity. On October 2, 2023, the Monetary Authority of Singapore (MAS) granted GSR In-Principle Approval for a Major Payment Institution license. This approval allows GSR to enhance its services and cater to the cryptocurrency community in Singapore and the wider Asia-Pacific region, demonstrating its commitment to compliance and governance in the rapidly evolving digital asset space.
Regulatory Landscape for Cryptocurrency Market in Singapore
This recent approval for GSR follows Coinbase Singapore’s announcement that it secured a full Major Payment Institution license from MAS. It also aligns with previous approvals granted to Circle, Blockchain.com, and Crypto.com earlier this year. These series of approvals highlight Singapore’s competitive yet regulated environment for cryptocurrency enterprises, establishing the jurisdiction as a hotspot for blockchain and crypto activities.
GSR Expresses Gratitude and Plans for Future Expansion
Jakob Palmstierna, CEO of the GSR Group, expressed gratitude towards MAS for their constructive oversight and emphasized their pride in being part of the growing digital asset ecosystem. Xin Song, the Group’s COO, echoed this sentiment and highlighted that the In-Principle Approval enables GSR to strengthen local client partnerships and continue its role as a liquidity provider within the ecosystem.
Singapore as a Crypto and Web3 Hub
Singapore is positioning itself as a key player in the crypto and Web3 space. Surveys indicate that 25% of Singaporeans consider cryptocurrency as the future of finance, with 32% being current or past crypto owners. Additionally, the city-state is home to over 700 Web3 companies, making it a pivotal market for the growth of the crypto and Web3 economy. GSR aims to leverage Singapore’s thriving ecosystem by establishing it as a strategic hub for its Asia-Pacific operations.
Commitment to Compliance and Growth
The In-Principle Approval signifies more than just a regulatory milestone for GSR. It demonstrates the firm’s dedication to maintaining high standards of compliance and governance. As GSR progresses towards obtaining a full license, it plans to expand its range of services and strengthen relationships with institutional clients in the region. The company remains committed to playing a critical role as a liquidity provider and contributing significantly to Singapore’s digital asset ecosystem.
Hot Take: GSR’s Regulatory Milestone in Singapore
GSR Markets Pte. Ltd., the Singapore subsidiary of global cryptocurrency trading firm GSR, has achieved In-Principle Approval for a Major Payment Institution license from the Monetary Authority of Singapore (MAS). This regulatory milestone allows GSR to better serve the cryptocurrency community in Singapore and the broader Asia-Pacific region while reinforcing its commitment to compliance and governance. With Singapore becoming a hotspot for blockchain and crypto enterprises, GSR aims to capitalize on this growth by leveraging the city-state as a strategic hub for its operations. The In-Principle Approval reflects GSR’s dedication to adhering to high standards and its goal of contributing meaningfully to Singapore’s digital asset ecosystem.
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