GSR Markets Secures Provisional MPI License from MAS, Plans Asia-Pacific Expansion
Summary:
GSR Markets Pte. Ltd, the Singaporean subsidiary of cryptocurrency firm GSR, has received provisional approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license. The license will allow the company to provide crypto and fiat-related services in Singapore, without adhering to single transaction or monthly limits. The firm intends to use its Singapore base to expand further into the Asia-Pacific region. This follows the news that cryptocurrency exchange Coinbase also secured a full MPI license from MAS the previous day.
GSR Markets Pte. Ltd, a subsidiary of the cryptocurrency trading and liquidity firm GSR, has gained provisional clearance from the Monetary Authority of Singapore (MAS) to operate as a Major Payment Institution (MPI). The firm, in its October 2 press release, conveyed satisfaction at fulfilling MAS's demanding admission guidelines and vowed to strive for full licensing. GSR aims to leverage its Singapore wing as a gateway for proliferating its presence across the Asia-Pacific zone.
An MPI licence grants entities the authority to offer crypto and fiat-centric services to Singapore residents. Such licensed establishments have permission to process payment services sans adhering to single transaction limits of 3 million Singaporean Dollars ($2.2 million) or monthly limits of 6 million Singaporean Dollars ($4.4 million). Xin Song, GSR's COO, expressed admiration for MAS's leading initiative in outlining a transparent construct for digital asset capability.
Established in 2013 in New Jersey, GSR caters to over-the-counter crypto trading, derivative trading, market-making, and venture capitalist investments. The firm possesses Money Service Business licenses in several states.
Just a day prior to this press release, on October 1, Cointelegraph reported that Coinbase, the crypto trading platform, had secured a full MPI licence from MAS, thereby enabling it to dispense digital token services to both private individuals and organizations in Singapore. Data shared by Coinbase indicates that a quarter of the surveyed Singaporean population views crypto as the financial frontier, while 32% claim either a past or present ownership of crypto. The city country hosts more than 700 Web3 companies.
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Published At
10/2/2023 6:16:22 PM
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