Forbes India 15th Anniversary Special

GSR Secures Regulatory Approval as Crypto Liquidity Provider in Singapore

GSR has met MAS's rigorous admission requirements and is working towards obtaining a full licence similar to that of Coinbase

Shashank Bhardwaj
Published: Oct 5, 2023 09:57:38 AM IST
Updated: Oct 5, 2023 03:30:37 PM IST

GSR Secures Regulatory Approval as Crypto Liquidity Provider in SingaporeImage: Shutterstock

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.”

The COO of the Group, Xin Song, expressed his joy over being acknowledged as one of the pioneering companies to receive In-Principle Approval from a globally respected regulator such as MAS. He added: “MAS has led the way providing a clear framework for digital asset utility, enabling us to deepen our local client partnerships, and continue in our critical role as a liquidity provider within the ecosystem.”

The Singapore Government has collaborated closely with various stakeholders, including banks, businesses, and the public, to foster the crypto industry’s growth. According to a recent report by Henley & Partners, it stands out as the leading global crypto hub with a score of 50.2 out of 60, equivalent to 83.76%.

Recently, the global crypto exchange Coinbase was also granted a full MPI licence by MAS. With GSR receiving the MPI licence, it now stands alongside other crypto companies that hold MPI licences, showcasing Singapore’s commitment to developing a dynamic and well-regulated digital assets ecosystem.

Shashank is the founder of yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash

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