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GSR Markets has been granted a ‘major payment institution’ license in Singapore, as reported by Bloomberg. Last October, GSR received its in-principle approval from Singaporean authorities, signaling a potential positive precedent for crypto regulation globally.
The Monetary Authority of Singapore has awarded GSR Markets, a subsidiary of the crypto market maker GSR, with the major payment institution (MPI) license. This makes GSR Markets the first of its kind to secure the full MPI license in Singapore. Currently, 19 firms, including Paxos, Blockchain.com, Circle, and Coinbase, hold the MPI license for engaging in cryptocurrency and digital payment token services in Singapore.
With this approval, GSR Markets can now offer spot over-the-counter and market making services within Singapore. The company expressed gratitude towards the MAS for its supportive oversight during the approval process.
Kim Hyoung-joong, President of the Korea Fintech Society, highlighted the significance of institutionalizing crypto market makers, especially in Asia, where regulators have historically been cautious. He noted that as regulations tighten, traditional market making practices will likely prevail, improving the overall perception of the market.
The regulatory green light in Singapore could set a positive example for other Asian countries. Singapore has been actively refining its regulations for digital asset service providers to establish itself as the leading crypto hub in Asia. Similar efforts are underway in Hong Kong and Japan to create clear regulatory frameworks for crypto companies.
In a recent announcement, the MAS revealed plans to broaden its oversight to include custodial services for digital payment tokens and facilitate cross-border money transfers involving digital payment tokens, even if the transactions don’t directly involve Singapore.
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