<p>GSR Markets Pte. Ltd., the Singaporean subsidiary of the global crypto trading firm GSR, has reached a significant<a href="https://www.businesswire.com/news/home/20231002794121/en/GSR-Receives-In-Principle-Approval-from-the-Monetary-Authority-of-Singapore" rel="noopener noreferrer nofollow"> milestone</a> in its quest to become a fully licensed entity within the city-state. On Monday, the Monetary Authority of Singapore (MAS) granted GSR in-principle approval for a Major Payment Institution (MPI) license.</p><h2 id="header-0">Trading licenses filtering through</h2><p>This development mirrors similar approvals granted to other crypto firms in the region, solidifying Singapore’s status as a hub for crypto and Web3 innovations. The approval of GSR’s MPI license<a href="https://medium.com/&#64;coinness.gl/coinbase-acquires-license-to-enhance-crypto-operations-in-singapore-ee706a91573e" rel="noopener noreferrer nofollow"> follows</a> hot on the heels of Coinbase Singapore’s announcement of securing a full Major Payment Institution license from MAS.</p><p>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.</p><h2 id="header-1">In-principle approval</h2><p>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:</p><p>“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.”</p><p>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.”</p><p>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.</p><h2 id="header-2">Company ambitions</h2><p>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.</p><p>The company was founded by former Goldman Sachs Executives Rich Rosenblum and Cristian Gil. At the height of the last crypto bull run, the crypto market maker had<a href="https://www.efinancialcareers.ie/news/2021/12/gsr-crypto-jobs" rel="noopener noreferrer nofollow"> plans</a> “to add 100 hires every six months for the next few years.” No doubt that ambition has been scaled back since then, given the protracted bear market which has followed.</p><p>Last month, Gil became embroiled in a<a href="https://medium.com/&#64;coinness.gl/crypto-titans-clash-on-elon-musks-x-80270a8c5791" rel="noopener noreferrer nofollow"> spat</a> with Andrei Grachev of rival market making firm, Singapore-based DWF Labs.</p><p>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.</p>

GSR Gets on Path Towards Full Regulatory Approval in Singapore

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