Cryptocurrency trading firm and liquidity provider GSR's Singaporean subsidiary, GSR Markets Pte. Ltd, has received an in-principal approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license.
"GSR is proud to have met the rigorous admission requirements set by MAS and will be working diligently towards a full license," the firm said in its Oct. 2 announcement. GSR plans to use its Singaporean subsidiary as a hub for expanding into the Asia-Pacific region.
An MPI license allows institutions to provide crypto and fiat-related services to residents of Singapore. Licensed firms are authorized to conduct payment services without being subjected to single transaction limits of 3 million Singaporean Dollars ($2.2 million) and monthly limits of 6 million Singaporean Dollars ($4.4 million). "MAS has led the way providing a clear framework for digital asset utility," said Xin Song, COO of GSR.
Founded in 2013 in New Jersey, the firm conducts over-the-counter crypto trading alongside derivatives, market making, and venture capital investments. The firm holds Money Service Business licenses across several states.
On Oct. 1, Cointelegraph reported that crypto exchange Coinbase obtained a full MPI license from the MAS. The regulatory approval allows Coinbase to offer digital token services to both individuals and institutions in Singapore.
According to data provided by Coinbase, 25% of surveyed Singaporeans consider crypto to be the future of finance, with 32% of respondents claiming that they are either current or past owners of crypto. The city-state is home to over Web3 700 companies.
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