The Monetary Authority of Singapore (MAS) has granted preliminary approval to GSR Markets, the Singaporean affiliate of cryptocurrency trading business GSR.
Cryptocurrency Trading Firm GSR Has Received A Payment License From The Monetary Authority of Singapore
The Monetary Authority of Singapore (MAS) has granted
preliminary approval to GSR Markets, the Singaporean affiliate of cryptocurrency trading business GSR, for a Major Payment Institution (MPI) license. The MPI license will allow GSR to provide crypto and fiat-related services to Singapore residents without being subject to transaction or monthly limits.
GSR plans to use its Singaporean subsidiary as a foundation for further expansion within the Asia-Pacific area. The firm expressed satisfaction with meeting MAS's stringent entry requirements and pledged to work towards a full license.
GSR, situated in New Jersey, was created in 2013 and specializes in over-the-counter crypto trading, derivatives, market making, and venture capital investments.
This news follows Coinbase's recent announcement
of obtaining a full MPI license from MAS, allowing it to provide digital token services in Singapore.
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