GSR secures in-principle approval for Singapore payment institution license

One of crypto’s oldest market makers, GSR, has secured in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution license. 

The decision will help GSR to deepen its roots in the Singapore market and leverage it as a hub to invest in the region and encourage adoption of web3 technology, according to a statement.

The global cryptocurrency trading firm and liquidity provider said it was proud to have met MAS’s admission requirements and is working toward being granted a full license in Singapore.

"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,” GSR Group CEO Jakob Palmstierna said. 

“We are delighted to be recognised as one of the first firms of our type to be granted this in-principle approval from an internationally respected regulator such as MAS,” GSR Group COO Xin Song added. “MAS has led the way providing a clear framework for digital asset utility, enabling us to deepen our local client partnerships, and continue in our critical role as a liquidity provider within the ecosystem.”

Earlier today, Coinbase was granted a full Major Payment Institution license by MAS, nearly a year after it received in-principal approval.