GSR Singapore Receives In-Principle Approval for Major Payment Institution License from MAS

By 0xK2 10/3/23 1:50 AM

GSR, the global cryptocurrency trading firm and liquidity provider, has announced that its subsidiary, GSR Markets Pte. Ltd. (GSR Singapore), has received In-Principle Approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution license. This regulatory milestone underscores GSR’s commitment to the evolving digital asset landscape and its dedication to serving the cryptocurrency community.

The approval by MAS signifies a pivotal moment in GSR’s regulatory journey, and it will enable GSR Singapore to better cater to the growing needs of cryptocurrency enthusiasts and investors in the region. To secure this approval, GSR has successfully met the rigorous admission requirements set forth by MAS and is now focused on diligently working towards obtaining a full license.

Jakob Palmstierna, CEO of the GSR Group, expressed gratitude to MAS, stating, “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.”

Xin Song, the Group’s COO, highlighted the significance of this achievement, saying, “We are delighted to be recognized as one of the first firms of our type to be granted this In-Principle Approval from an internationally respected regulator such as MAS. 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.”

GSR’s commitment to Singapore goes beyond regulatory compliance. The company intends to expand its presence in the region, positioning Singapore as a strategic hub in the Asia-Pacific (APAC) area. By doing so, GSR aims to invest in local entrepreneurs, foster innovation, and promote the adoption of Web 3.0 technologies.

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