GSR Gets on Path Towards Full Regulatory Approval in Singapore

Trading licenses filtering through

Other companies such as Circle, Blockchain.com, and Crypto.com have also obtained MPI licenses this year. These developments underscore the competitive yet regulated landscape of the cryptocurrency market in Singapore.

In-principle approval

The in-principle approval from MAS empowers GSR to provide crypto and fiat-related services to Singaporean residents and entities. This includes the ability to conduct payment services without the limitations of single transaction thresholds (SGD 3 million) and monthly limits (SGD 6 million). GSR’s CEO, Jakob Palmstierna, expressed gratitude for MAS’s constructive oversight, which has played a pivotal role in shaping the evolving digital asset landscape in Singapore. Palmstierna stated:

“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.”

Meanwhile, GSR’s COO Xin Song, emphasized the importance of this approval, stating that it enables them to “deepen our local client partnerships and continue in our critical role as a liquidity provider within the ecosystem.”

GSR’s presence in Singapore aligns with the country’s burgeoning crypto-friendly environment. Recent surveys indicate that 25% of Singaporeans view cryptocurrency as the future of finance, with 32% having some involvement in crypto ownership. Moreover, Singapore boasts over 700 Web3 companies, positioning itself as a pivotal market for the expansion of the crypto and Web3 economy.

Company ambitions

GSR, established in 2013 in New Jersey, offers a diverse range of services, including over-the-counter crypto trading, derivatives trading, market making, and venture capital investments. The firm is no stranger to regulatory compliance, holding Money Service Business licenses across several US states.

GSR’s recent attainment of in-principle approval for a Major Payment Institution license from MAS reinforces Singapore’s position as a leader in the crypto space. The firm’s interest in pursuing a compliant route forward and its role as a liquidity provider bode well for both GSR and the broader crypto community in the Asia-Pacific region.