Cryptocurrency trading firm and GSR’s Singapore subsidiary, GSR Markets Pte. Ltd., has Receive Initial approval from the Monetary Authority of Singapore (MAS) for a Master Payment Institution (MPI) licence.
“GSR is proud to have met the stringent admission requirements set by MAS and will work diligently to obtain a full license,” the company said in its October 2 announcement. GSR plans to use its Singapore subsidiary as an expansion hub in the Asia-Pacific region.
The MPI license allows institutions to provide services related to cryptocurrencies and fiat currencies to residents of Singapore. Licensed businesses are permitted to conduct payment services without being subject to individual transaction limits of S$3 million ($2.2 million) and monthly limits of S$6 million ($4.4 million). “MAS has led the way in providing a clear framework for the utility of digital assets,” said Shin Song, COO of GSR.
Founded in 2013 in New Jersey, the company trades cryptocurrencies over-the-counter alongside derivatives, market making and venture capital investments. The company holds money service business licenses across several states.
On October 1, Cointelegraph reported that cryptocurrency exchange Coinbase received a full MPI license from MAS. Regulatory approval allows Coinbase to offer digital token services to both individuals and institutions in Singapore.
according to Data Provided by Coinbase 25% of Singaporeans surveyed consider cryptocurrencies to be the future of finance, with 32% of respondents claiming to be either current or former cryptocurrency owners. The city-state is home to more than 700 Web3 companies.
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