Bitcoin

Read

GSR’s Singapore divison secured a rare regulatory nod from Singapore as the city-state aims to become a crypto-friendly hub.
GSR Markets, a Hong Kong-headquartered crypto market maker, has secured a license for its Singaporean division from the Monetary Authority of Singapore.
According to <a href="https://www.bloomberg.com/news/articles/2024-04-04/singapore-licenses-crypto-market-maker-gsr-in-rare-step-for-industry" target="_blank" rel="noopener noreferrer nofollow">a Bloomberg report</a>, GSR Singapore has been awarded a Major Payment Institution license, allowing it to conduct spot over-the-counter (OTC) and market-making services within Singapore’s regulatory framework. The company had previously secured an in-principle approval from MAS back in September, the report notes.
<blockquote class="wp-block-quote">
 “As one of the first firms of our type to be granted this licence, we are excited to continue to lead the way in developing fair and orderly markets for digital assets.”
 Xin Song chief operating officer at GSR
</blockquote>
You might also like: <a href="https://crypto.news/bitstamp-crypto-license-singapore/" rel="noopener noreferrer nofollow"> Bitstamp earns provisional crypto license in Singapore </a>
In the meantime, Singaporean authorities are addressing concerns over speculative crypto investments by retail investors, following market turbulence during the 2022-2023 bear market. For example, the country has recently expanded its crypto regulation to include custody services and all firms facilitating crypto-related fund transfers, regardless of whether they physically hold the assets or tokens.
In mid-January, the Monetary Authority of Singapore <a href="https://crypto.news/singapores-mas-cautions-investors-against-buying-spot-bitcoin-etfs/" target="_blank" rel="noopener noreferrer nofollow">issued</a> cautionary advice to retail investors regarding the purchase of spot Bitcoin exchange-traded funds (<a href="https://crypto.news/tag/bitcoin-etf/" target="_blank" rel="noopener noreferrer nofollow">ETFs</a>), despite recent approvals of such funds in the U.S. As crypto.news reported earlier, the regulator warned individuals contemplating participation in the trading of these products in international markets, stressing that spot Bitcoin ETFs have not been endorsed as eligible assets for collective investment schemes (CIS) in the region.
Read more: <a href="https://crypto.news/singapores-prime-minister-issues-warning-following-deepfake-crypto-video-with-him/" rel="noopener noreferrer nofollow"> Singapore’s prime minister issues warning following deepfake crypto video with him </a>

GSR Markets secures license in Singapore to offer OTC services

crypto.news

Other articles published on Apr 4, 2024

Should You Invest in Wormhole (W)? Will Wormhole reach $10?

Expert Crypto Analyst Predicts Rise for GALA and TAO, Cautions on ARB

New Financial Boost for NFT and Social Media Innovators

Ripple’s CLO Calls Out Inconsistencies in SEC “Guidance” on Crypto

Wormhole Debuts Overpriced At $3 Billion! Drops 26% Following Launch!

The Newest Solana Meme Coin Presale Raises Nearly $8 Million – Cilinix Crypto Video Review

Join our free newsletter for daily crypto updates!