GSR Markets Leads the Way: First Crypto Market Maker to Secure Singapore's MPI License

GSR Markets, the Singapore subsidiary of crypto market maker GSR, has obtained the Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), making it the first crypto market maker to receive a full MPI license in the country. This approval will allow GSR Markets to offer OTC and spot market-making services in Singapore, furthering the city-state's efforts to establish itself as a crypto hub in Asia.

GSR Markets Blazes Trail as First Crypto Market Maker to Secure Singapore's Coveted MPI License

Singapore, April 6, 2023 – GSR Markets, the Singapore entity of leading crypto market maker GSR Group, has achieved the historic distinction of becoming the first of its kind to secure the full Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). This groundbreaking development marks a significant milestone in the institutionalization of cryptocurrency trading in Asia and reinforces Singapore's commitment to fostering a vibrant and regulated crypto ecosystem.

GSR Markets joins an elite group of 19 companies, including industry giants Paxos, Blockchain.com, Circle, and Coinbase, that have been granted MPI licenses in Singapore. The license empowers GSR Markets to offer a comprehensive suite of services, including over-the-counter (OTC) and spot market making, in the rapidly expanding Singaporean crypto market.

"We are honored to receive the MPI license from the MAS, a respected regulator renowned for its commitment to promoting economic growth and financial stability," said Jakob Palmstierna, CEO of GSR Group. "This endorsement underscores our unwavering commitment to operating with the highest levels of integrity and compliance within the Singaporean market."

The MPI license approval builds upon the approval-in-principle granted to GSR Markets in September 2022. It reflects the company's unwavering dedication to adhering to regulatory requirements and sets a positive precedent for the future of crypto market making in Asia.

"The institutionalization of a crypto market maker is a significant step forward for the industry," remarked Kim Hyoung-joong, President of the Korea Fintech Society. "Asian regulators have traditionally been cautious towards crypto market makers, but this approval demonstrates a growing recognition of their importance in fostering a healthy and transparent market environment."

Kim further emphasized that GSR Markets' regulatory approval in Singapore could have far-reaching implications for other Asian jurisdictions. It sets an example for other regulators to embrace a balanced approach to regulating crypto market makers, thereby enhancing market quality and investor confidence.

Singapore's recent efforts to enhance its regulatory framework for digital asset service providers have positioned the city-state as a leading crypto hub in Asia. In this regard, Hong Kong and Japan have also made significant strides in establishing clear regulatory guidelines for crypto companies.

Just this week, the MAS announced the expansion of its regulated payment services to encompass custodial services for digital payment tokens (DPTs), enabling the transmission of DPTs and facilitating cross-border money transfers without the need to deposit or receive funds in Singapore.

"These regulatory developments underscore the growing recognition of cryptocurrencies as a legitimate asset class," said a GSR spokesperson. "GSR Markets is fully committed to contributing to the development of a健全, fair, and robust crypto ecosystem in Singapore and beyond."

The company's focus on regulatory compliance and institutional adoption has been instrumental in its rapid growth. GSR Markets has established strategic partnerships with leading crypto exchanges, custodians, and brokers worldwide, providing liquidity and market-making services to a diverse clientele ranging from institutional investors to retail traders.

As the crypto industry continues to mature, the role of regulated and transparent market makers like GSR Markets becomes increasingly crucial. Their presence ensures fair and efficient price discovery, reduces market volatility, and enhances investor confidence. GSR Markets' MPI license is a testament to its unwavering commitment to these principles and its determination to shape the future of crypto trading in Asia.