GSR secures in-principle approval for Singapore payment institution license

Photo of author

By BitcoinWiki News

Key Takeaways:

  • GSR, one of crypto’s oldest market makers, has received in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution license.
  • This approval will allow GSR to strengthen its presence in the Singapore market and use it as a hub for investing in the region and promoting the adoption of web3 technology.
  • GSR aims to obtain a full license in Singapore and is grateful to MAS for their oversight in shaping the digital asset ecosystem.
  • As one of the first firms of its kind, GSR is delighted to be recognized by MAS and appreciates the clear framework provided by the regulator.
  • Earlier today, Coinbase also received a full Major Payment Institution license from MAS, approximately one year after receiving in-principal approval.

Title: GSR Secures In-Principle Approval from Singapore’s Monetary Authority

Introduction:
Crypto market maker GSR has received in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution license. This regulatory endorsement will strengthen GSR’s presence in the Singapore market, enabling it to invest in the region and promote the adoption of web3 technology.

Approval from MAS:
GSR, one of the oldest market makers in the crypto industry, has gained in-principle approval from MAS for a Major Payment Institution license. This approval allows GSR to deepen its roots in the Singapore market and utilize it as a hub for expanding its investments in the region.

Proud Achievement:
GSR expressed its pride in meeting MAS’s admission requirements and is currently working towards obtaining a full license in Singapore. CEO Jakob Palmstierna emphasized the company’s gratitude toward MAS for its constructive oversight, which contributes to the growth of the digital asset ecosystem. COO Xin Song added that GSR is honored to be among the first firms of its kind to receive such approval from a respected regulator like MAS.

MAS Leading the Way:
MAS has established a clear framework for digital asset utility, facilitating GSR’s local client partnerships and enabling the company to maintain its critical role as a liquidity provider within the ecosystem. The approval thereby solidifies GSR’s position in the industry and reinforces its commitment to serving its clients.

Coinbase’s Similar Approval:
In addition to GSR, cryptocurrency exchange Coinbase also received a full Major Payment Institution license from MAS. This license was granted almost a year after Coinbase received in-principle approval. The approval of two prominent players in the crypto industry by MAS demonstrates the regulatory authority’s commitment to fostering the development and regulation of the digital asset landscape.

Conclusion:
GSR’s in-principle approval from the Monetary Authority of Singapore represents a significant milestone for the crypto market maker. By obtaining this approval, GSR can deepen its presence in Singapore, invest in the region, and encourage the adoption of web3 technology. With MAS leading the way and providing a clear regulatory framework, GSR and other market participants can foster a thriving digital asset ecosystem.

This is sponsored by: Learn Bitcoin Option

Leave a Comment