GSR has met MAS's rigorous admission requirements and is working towards obtaining a full licence similar to that of Coinbase
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GSR Markets Pte. Ltd - the Singaporean subsidiary of the global crypto trading firm and liquidity provider GSR, has received In-Principle Approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution(MPI) licence.
Established in 2013 in New Jersey, GSR offers services such as OTC Trading, Derivatives, and Market Making. The company collaborates with token issuers, institutional investors, miners, and leading trading platforms, deeply integrating itself into every significant digital asset ecosystem sector.
An MPI licence for its Singapore subsidiary would allow it to offer crypto and fiat-related services to Singaporean residents and other entities. They could conduct payment services without being limited to a single transaction cap of SGD 3 million ($2.2 million) and a monthly cap of SGD 6 million ($4.4 million).
The MPI licence represents a milestone in the Group’s regulatory journey. It would fuel GSR’s commitment to expanding its presence in Singapore, using it as a hub in APAC to invest in entrepreneurs across the region, and encouraging the adoption of Web 3.0 technologies.
While expressing his gratitude towards MAS, the GSR group CEO said, “We are immensely grateful to MAS for their constructive oversight, which helps shape a growing digital asset ecosystem that we feel proud to be a substantial part of.”