Crypto Heavyweight GSR Lands Major Payment License in Singapore

GSR, a crypto market maker, has been granted a Major Payment Institution license by the Monetary Authority of Singapore (MAS). This license allows GSR to offer a range of crypto-related services, including buying and selling digital payment tokens. MAS initially granted in-principal approval to GSR in September 2022.

Crypto Market Maker GSR Secures Major Payment Institution License from Monetary Authority of Singapore

Singapore, [Date] - GSR, a prominent crypto market maker and liquidity provider, has been granted a Major Payment Institution (MPI) license by the Monetary Authority of Singapore (MAS). This regulatory approval marks a significant milestone for GSR and underscores the growing recognition of the crypto industry within Singapore's financial landscape.

The MPI license authorizes GSR to engage in digital payment token (DPT) services, which encompass the buying and selling of cryptocurrencies. Singapore's regulatory framework defines DPTs as digital representations of value used as a medium of exchange.

GSR initially received in-principle approval for the MPI license in September 2022, demonstrating the company's commitment to adhering to stringent compliance standards. Notably, liquidity providers and market makers typically operate without licenses due to their non-customer-facing nature. However, Singapore's recent expansion of its licensing regime has brought these entities under regulatory oversight.

This development aligns with Singapore's broader efforts to establish itself as a leading hub for digital asset innovation. The granting of MPI licenses to reputable market participants like GSR fosters a transparent and reputable operating environment for the crypto industry.

Earlier this year, GSR strengthened its leadership team by appointing Andreas Koukorinis, a former executive at JP Morgan, as its new head of trading. This strategic move underscores GSR's commitment to delivering exceptional liquidity and trading solutions to its clients.

The granting of the MPI license bolsters GSR's standing as a trusted and compliant actor in the crypto market. It enables the company to further contribute to Singapore's vibrant fintech ecosystem and drive the adoption of digital assets both domestically and internationally.