<![CDATA[<figure class="image"><img src="https://cimg.co/news/125884/332414/asia-1782429-1280.jpg" alt="" srcset="https://cimg.co/news/125884/332414/responsive-images/asia-1782429-1280___media_library_original_1280_833.jpg 1280w, https://cimg.co/news/125884/332414/responsive-images/asia-1782429-1280___media_library_original_1200_781.jpg 1200w, https://cimg.co/news/125884/332414/responsive-images/asia-1782429-1280___media_library_original_900_586.jpg 900w, https://cimg.co/news/125884/332414/responsive-images/asia-1782429-1280___media_library_original_720_469.jpg 720w, https://cimg.co/news/125884/332414/responsive-images/asia-1782429-1280___media_library_original_600_390.jpg 600w, https://cimg.co/news/125884/332414/responsive-images/asia-1782429-1280___media_library_original_300_195.jpg 300w" sizes="100vw" width="1280" class="content-img"><figcaption>Source: Pixabay / Sasin Tipchai</figcaption></figure>GSR Markets, a subsidiary of cryptocurrency market maker GSR, has obtained in-principal approval for a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).Authorities in <a href="https://cryptonews.com/tags/singapore/">Singapore</a> have so far granted the <a href="https://eservices.mas.gov.sg/fid/institution?term=major%20licence&amp;sector=Payments&amp;category=Major%20Payment%20Institution&amp;activity=Digital%20Payment%20Token%20Service">MPI licenses</a> to 14 Digital Payment Token companies including <a href="https://cryptonews.com/reviews/coinbase/">Coinbase</a>, which <a href="https://cryptonews.com/news/coinbase-attains-full-license-expand-crypto-payment-services-singapore.htm">received a full MPI license</a> on the same day as GSR, Blockchain.com, Circle, Paxos, Ripple, among others.GSR noted that it had met the rigorous admission requirements set by MAS and is working towards obtaining a full license to operate in the city-state.The significant development would not only help GSR obtain a foothold in Singapore but also boost Web 3.0 adoption and invest in businesses across the APAC region, the company <a href="https://www.gsr.io/reports/gsr-receives-in-principle-approval-from-the-monetary-authority-of-singapore/">press release</a> read.&ldquo;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,&rdquo; Jakob Palmstierna, CEO of the GSR Group, said.<h2 style="text-align:justify;" id="mas-regulatory-framework">MAS&rsquo; Regulatory Framework</h2>As reported by Cryptonews last month, Singapore has <a href="https://cryptonews.com/news/singapore-tops-list-of-crypto-friendly-investment-migration-destinations.htm">emerged as the top crypto-friendly destination</a> for crypto millionaires seeking tax-friendly havens to protect their crypto assets. The Crypto Adoption Index by Henley &amp; Partners gave a score of 10 out of 10 in the tax-friendliness parameter.However, the recently elected president of Singapore, Tharman Shanmugaratnam, has been taking a critical stance on digital assets.Xin Song, the GSR Group&rsquo;s COO, said that obtaining a license from a &ldquo;respected regulator&rdquo; like the country&rsquo;s central bank MAS has been a major recognition.<blockquote>&ldquo;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.&rdquo;</blockquote>In June 2022, Sopnendu Mohanty, chief fintech officer at the city&rsquo;s regulator,&nbsp;stressed that Singapore is &ldquo;brutal and unrelentingly hard&rdquo; on bad behavior in the crypto industry.
]]>

Crypto Trading Platform GSR Receives In-Principal MPI License in Singapore

Table of Contents

Cryptonews.com

Other articles published on Oct 2, 2023

Best Crypto to Buy Now October 2 – THORChain, BitcoinSV, Polygon

Former FTX Accountant Prager Metis Sued By SEC

Frax Finance Tokens Under Selling Pressure as Whales Offload Holdings

$32M Short Liquidations Propelled Bitcoin Above $28,000; Is This an Indication of ‘Uptober’?

Crypto Losses Up 59% in Q3 From Cyberattacks

Bitwise Gears Up for Ethereum ETF Launch as Bitcoin ETF Approval Remains Uncertain

Join our free newsletter for daily crypto updates!