Token

United

April

Crypto trading firm and liquidity provider GSR Markets received its full major payment institution (MPI) license from the Monetary Authority of Singapore (MAS).
On April 4, GSR reportedly <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 nofollow">secured</a> the license after receiving an <a href="https://cointelegraph.com/news/crypto-liquidity-provider-gsr-singapore-regulatory-approval">in-principle approval</a> in October 2023. GSR Singapore CEO Xin Song claimed that GSR is the first of its kind to receive the MPI license in the country.
MPI-licensed companies in Singapore are authorized to conduct multiple payment services and exceed volume limitations for payment firms. 
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 <img src="https://s3.cointelegraph.com/uploads/2024-04/fad2a32a-eb40-4339-ab15-d05e6f95fc8c.jpg" alt="" title="">
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 Major payment institution license benefits in Singapore. Source: MAS
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Licensed companies can exceed the 3 million Singapore dollars ($2.2 million) volume limit for a payment service and the monthly limit of 6 million SG$ ($4.4 million) for two or more payment services. 
In the case of GSR, the license would allow the company to conduct its over-the-counter (OTC) spot and market-making services under the purview of Singapore’s central bank. 
The company was founded in the United States in 2013 and facilitates OTC crypto trading, derivatives, market making and venture capital investments. It also holds money service business licenses across several states in the United States.
Singapore’s regulatory efforts allow financial institutions to explore blockchain-based technologies to position the country as a digital asset hub. 
As a result, many crypto companies targeting the region have pushed to acquire the MPI license to offer their services within the country. 
In 2023, Crypto.com, Coinbase and <a href="https://cointelegraph.com/news/ripple-approval-singapore-payments-license">Ripple received formal approval</a> for their MPI licenses in Singapore. Crypto.com <a href="https://cointelegraph.com/news/crypto-com-joins-ranks-of-licensed-payment-institutions-in-singapore">obtained its license</a> in June, while Ripple and <a href="https://cointelegraph.com/news/coinbase-secures-payment-license-singapore">Coinbase received an official nod</a> in October. 
In 2024, crypto exchange OKX and crypto custodian BitGo received in-principle approvals for the MPI license in Singapore. BitGo <a href="https://cointelegraph.com/news/bitgo-in-principle-approval-singapore-mpi-license">received the initial nod</a> in January, while OKX <a href="https://cointelegraph.com/news/okx-payment-license-approval-singapore-central-bank">received its initial approval</a> in March. 
Related: <a href="https://cointelegraph.com/news/singapore-police-commercial-crypto-drainers-warning">Singapore police recommend hardware wallets against crypto drainers</a>
While Singapore supports crypto innovation, the country is cracking down on retail speculation and is extending the scope of its laws. 
After receiving feedback on its proposed digital payment token (DPT) regulations, MAS laid down measures to discourage retail investors from speculating in crypto investments. 
On Nov. 24, MAS <a href="https://cointelegraph.com/news/singapore-restrict-retail-crypto-speculation-with-new-rules">published five ways</a> for DPT service providers to discourage retail clients from engaging in price speculation. 
More recently, Singapore’s central bank <a href="https://cointelegraph.com/news/singapore-amends-payment-services-act">expanded the scope</a> of its Payment Services Act. On April 2, MAS said that it had brought several activities under the scope of the Payment Services Act. 
This includes custodial services for DPTs, facilitating token transfers and exchange and cross-border fund transfers. 
Magazine: <a href="https://cointelegraph.com/magazine/kucoin-10m-airdrop-machi-big-brother-37m-solana-memecoin-asia-express/">KuCoin’s desperate $10M airdrop, 1 tweet raises $37M for memecoin: Asia Express</a>

Crypto liquidity firm GSR secures MPI license in Singapore

Cointelegraph

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