GSR Markets, the Singapore subsidiary of crypto market maker GSR, obtained the highly sought-after major payment institution (MPI) license from the Monetary Authority of Singapore (MAS) on April 1st. GSR Markets has become the first to secure the MPI license from Singaporean authorities, as stated in the company’s press release.
The approval effectively grants GSR Markets the ability to pursue spot over-the-counter and market-making services in Singapore. In September of last year, GSR Markets got in-principle approval for the MPI license, thanking MAS for its helpful guidance throughout the process.
Currently, 19 firms engaged in cryptocurrency services or digital payment token services hold the MPI license in Singapore, including industry giants such as Paxos, Blockchain.com, Circle, and Coinbase.GSR Group CEO Jakob Palmstierna expressed pride in getting the MPI license from MAS, a regulator known for promoting sustainable economic growth and a strong financial center.
Singapore has recently been revising its rules for digital asset service providers, aiming to establish the city-state as the crypto center of Asia. Other regional players, such as Hong Kong and Japan, have also been pushing or amending rules to set clear regulatory frameworks for crypto companies.
Earlier this week, MAS announced an expansion of its regulated payment services scope to include custodial services for digital payment tokens (DPT), DPT transmission, and cross-border money transfers between countries, even when funds aren’t accepted or received in Singapore.
Also Read: OKX Gets In-Principle Approval for MPI License in Singapore
