GSR Secures Major Payment Institution License in Singapore
GSR, a prominent player in the crypto market, has achieved a significant milestone in its operations in Singapore. The Monetary Authority of Singapore (MAS) has granted GSR Markets Pte. Ltd. (GSR Singapore), the subsidiary of GSR, a Major Payment Institution (MPI) license. This license enables GSR to legally offer its over-the-counter trading and market-making services in Singapore.
The journey towards obtaining this license began when GSR received in-principle approval for the MPI license from MAS back in September 2023. Now, with the full license in hand, GSR Singapore can operate within the framework of Singapore’s Payment Services Act, providing enhanced confidence to its clients in the region.
Jakob Palmstierna, CEO of GSR Group, expressed pride in receiving the MPI license from MAS, emphasizing the regulator’s commitment to sustainable economic growth and financial excellence. This sentiment was echoed by Xin Song, GSR Group COO and CEO of GSR Singapore, who highlighted Singapore’s evolving role as a leading financial center and its support for innovative fintech solutions.
GSR’s successful acquisition of the MPI license underscores its position as a trailblazer in the crypto market. As the first of its kind to receive such a license in Singapore, GSR sets a precedent for regulatory compliance and professionalism in the industry. This achievement reflects GSR’s dedication to upholding rigorous standards and fostering fair and orderly markets for digital assets.
Singapore’s regulatory landscape has been evolving to accommodate the growing prominence of digital assets and blockchain technology. The MAS has been proactive in expanding its regulatory framework to encompass various aspects of crypto services, including custodial services and cross-border money transfers. This proactive approach has attracted leading crypto platforms like GSR, along with other major players such as Crypto.com, Coinbase, and Ripple, to establish a presence in Singapore.
While Singapore embraces innovation in the crypto space, it also prioritizes investor protection and market integrity. The MAS has introduced measures to discourage retail speculation in crypto investments, signaling a balanced approach towards fostering a vibrant yet responsible digital asset ecosystem.
