GSR secures in-principle approval for Singapore payment institution license

Quick Take

  • GSR’s Singapore subsidiary, GSR Markets, has received in-principle approval from the Monetary Authority of Singapore for a Major 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.


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About Author

James Hunt is a reporter at The Block and writer of The Daily newsletter, keeping you up to speed on the latest crypto news every weekday. Prior to joining The Block in 2022, James spent four years as a freelance writer in the industry, contributing to both publications and crypto project content. James’ coverage spans everything from Bitcoin and Ethereum to Layer 2 scaling solutions, avant-garde DeFi protocols, evolving DAO governance structures, trending NFTs and memecoins, regulatory landscapes, crypto company deals and the latest market updates. You can get in touch with James on Telegram or 𝕏 via @humanjets or email him at [email protected].

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