Crypto liquidity provider GSR receives regulatory approval in Singapore

Expanding into Asia Pacific

Global cryptocurrency trading firm and liquidity provider, GSR, has announced that its Singaporean subsidiary, GSR Markets Pte. Ltd, has received regulatory approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license. This approval allows GSR to provide crypto and fiat-related services to residents of Singapore without transaction limits.

A strategic move for GSR

GSR plans to leverage its Singaporean subsidiary as a hub for expanding into the rapidly growing Asia-Pacific region. The company expressed its commitment to meeting the rigorous admission requirements set by MAS and obtaining a full license in the future.

MAS paving the way

GSR's Chief Operating Officer, Xin Song, praised MAS for providing a clear framework for digital asset utility, enabling companies like GSR to operate in Singapore's thriving crypto ecosystem.

Coinbase's recent approval

GSR is not the only crypto firm to receive regulatory approval in Singapore. Just a day earlier, Coinbase, a major crypto exchange, obtained a full MPI license from MAS. This approval allows Coinbase to offer digital token services to individuals and institutions in Singapore.

Singaporeans and crypto

Data provided by Coinbase shows that 25% of Singaporeans surveyed believe that cryptocurrencies are the future of finance, with 32% of respondents stating that they are either current or past owners of crypto. Singapore is home to over 700 companies involved in the rapidly expanding Web3 and blockchain industry.