With this approval, GSR becomes the first crypto liquidity provider to achieve dual regulatory authorization from both the FCA and the Monetary Authority of Singapore (MAS).

New Services and Rising Demand

The FCA approval will enable GSR to provide services such as over-the-counter (OTC) and programmatic execution trading for clients in the UK.

• This development is particularly significant as demand for regulated crypto trading solutions has risen sharply since Bitcoin surpassed the $100,000 milestone in December 2024.
• Institutional investors entering the market throughout the year have further fueled this demand.

Dual Regulatory Authorization

GSR’s Group CEO, Xin Song, highlighted that dual authorization allows the firm to “confidently expand [its] services to institutional and professional clients globally.”

This dual compliance demonstrates GSR Markets UK’s adherence to the regulatory standards of major global markets in both the UK and Singapore.

Service Expansion

With FCA’s green light, the company is well-positioned to address the growing demand for regulated and reliable trading platforms as industry players increasingly prioritize compliant solutions in crypto markets.

You Might Be Interested In: Elon Musk Shared, That Memecoin Flew: Up 500%!

GSR Markets UK CEO Jakob Palmstierna noted that this milestone will enable the company to better support its clients “as they navigate the dynamic, rapidly growing market.”

The firm’s global operations include over 120 employees in the UK, making it one of the largest crypto-native employers in the region.

MPI License in Singapore

On April 4, 2024, GSR Markets secured its Major Payment Institution (MPI) license from MAS. This license allows the firm to offer multiple payment services and exceed the volume limitations imposed on payment firms.

• With the MPI license, GSR can surpass the SG$3 million ($2.2 million) volume limit for a single payment service and the SG$6 million ($4.4 million) monthly limit for two or more services.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post GSR Secures UK FCA Approval: Crypto Services Expand! appeared first on Coin Engineer.

The approval paves the way for Bitstamp to obtain a Major Payment Institution (MPI) license, enabling the exchange to provide digital payment token services in the Southeast Asian city-state. This development was announced via email on Wednesday.

Bitstamp’s entry into the Singapore market marks a significant expansion of its services in Asia. The company’s primary focus in Singapore will be on catering to financial institutions and intermediaries, including payments processors, fintech companies, and brokerages.

Notably, the last crypto exchange to achieve full licensing in Singapore was Upbit, a South Korean firm, which obtained its MPI license in January. Upbit received its in-principal approval approximately three and a half months prior to being granted the full license.

Also, in the comment section, you can freely share your comments and opinions about the topic. Additionally, don’t forget to follow us on Telegram, YouTube and Twitter for the latest news and updates.

The post European Crypto Exchange Bitstamp Gets Regulatory Nod in Singapore appeared first on Coin Engineer.

The Central Bank stated in its announcement on Thursday that it maintains requirements for crypto asset businesses, provided they do not offer financing, margin transactions, or trade incentives to prevent speculation among retail customers.

Moreover, MAS also wants crypto asset businesses to refuse locally issued credit card payments and determine customer risk awareness before allowing access to services.

While seeking balance on crypto regulations, Singapore is also trying to attract the industry. This announcement is the second response to feedback on proposed regulations for digital payment token (DPT) service providers in July.

The first phase in July demanded that they deposit customer assets into a legal trust account by the end of the year for safekeeping purposes.

Among less restrictive measures, MAS has eased accreditation investor qualification limits and announced that some crypto assets can be counted to meet the required 2 million Singapore dollars (1.5 million dollars).

MAS also imposes high accessibility and risk event reporting requirements. This is consistent with existing requirements applied to other systemically important financial institutions, but not for payment service providers, which is a special provision for crypto.

After all these decisions, Deputy Chairman responsible for financial supervision, Ho Hern Shin added to his statement, “These business and consumer access measures can help meet this objective, but it cannot isolate customers from losses arising from the inherently speculative and highly risky nature of crypto trading.”

You can freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post Singapore Central Bank Wants New Rules for Crypto! appeared first on Coin Engineer.