Singapore Bolsters Crypto Innovation: GSR Markets Secures Prestigious MPI License

GSR Markets, Singapore subsidiary of crypto market maker GSR, has acquired a major payment institution (MPI) license from the Monetary Authority of Singapore (MAS), making it the first company to secure this license. The MPI license grants GSR Markets the authority to provide spot over-the-counter and market-making services, further establishing Singapore's position as a hub for cryptocurrency regulation and innovation.

Singapore Embraces Crypto Innovation as GSR Markets Obtains Prestigious Major Payment Institution License

Singapore, April 1, 2023 - GSR Markets, the Singaporean subsidiary of renowned crypto market maker GSR, has made history by becoming the first recipient of the highly coveted Major Payment Institution (MPI) license bestowed by the Monetary Authority of Singapore (MAS). This milestone marks a pivotal moment in Singapore's journey towards becoming a leading global hub for the burgeoning crypto industry.

The MPI license empowers GSR Markets to engage in a comprehensive suite of financial services, including spot over-the-counter and market-making activities within Singapore's borders. This significant development is a testament to the company's unwavering commitment to compliance and its role as a trusted partner in the evolving cryptocurrency ecosystem.

GSR Markets' attainment of the MPI license follows an initial provisional approval granted by MAS in September 2022. The company expressed its gratitude to MAS for its invaluable guidance throughout the application process. Currently, 19 reputable firms, including industry titans such as Paxos, Blockchain.com, Circle, and Coinbase, have secured the MPI license in Singapore, underscoring the growing maturity and acceptance of cryptocurrencies in the city-state.

Jakob Palmstierna, CEO of GSR Group, hailed the acquisition of the MPI license as a significant achievement. He lauded MAS's reputation as a globally recognized financial regulator that fosters sustainable economic growth and maintains a robust financial sector.

Singapore has emerged as a trailblazer in shaping the regulatory landscape for digital asset service providers. The government's forward-thinking approach is geared towards establishing the city-state as the preeminent crypto hub in Asia. This commitment is evidenced by recent regulatory revisions aimed at promoting innovation while safeguarding investors and mitigating risks.

Other regional powerhouses such as Hong Kong and Japan have also been actively pursuing or amending regulations to provide clear frameworks for crypto companies.

In a recent move, MAS expanded the scope of its regulated payment services to encompass custodial services for digital payment tokens (DPT). This enables DPT transmission and cross-border money transfers, even in scenarios where funds are not initiated or received in Singapore.

The issuance of the MPI license to GSR Markets serves as a resounding endorsement of the company's robust operations and its adherence to stringent regulatory standards. It also underscores Singapore's unwavering commitment to fostering a vibrant and responsible crypto ecosystem.

As the crypto industry continues its rapid evolution, Singapore is poised to remain at the forefront of regulatory innovation and growth. GSR Markets' acquisition of the MPI license is a resounding affirmation of the city-state's vision and its unwavering support for the transformative potential of cryptocurrencies.