The Monetary Authority of Singapore (MAS) has granted in-principle permission for a Major Payment Institution (MPI) license to GSR Markets Pte. Ltd, a division of cryptocurrency trading company and liquidity provider GSR. This important achievement enables GSR to offer residents and organizations in Singapore services pertaining to cryptocurrencies and fiat.
In a statement on October 2nd, GSR expressed its delight at having met the demanding entrance standards established by MAS and its dedication to working hard to earn a full MPI license. This market is becoming increasingly significant in the cryptocurrency business, as evidenced by the company’s view of its Singaporean subsidiary as a strategic base for building its footprint in the Asia-Pacific region.
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![GSR Granted Major Payment Institution License in Singapore image 11](https://i0.wp.com/nosisnews.com/wp-content/uploads/2023/10/image-11.png?resize=1020%2C430&ssl=1)
An MPI license, like the one granted to GSR, grants institutions the authority to offer a range of cryptocurrency and fiat-related services to the residents of Singapore. One of the key advantages of this license is that it allows licensed entities to conduct payment services without being subjected to single transaction limits of 3 million Singaporean dollars (approximately $2.2 million) and monthly transaction limits of 6 million Singaporean dollars (approximately $4.4 million).
Xin Song, Chief Operating Officer of GSR, commended MAS for its leadership in providing a clear regulatory framework for digital asset utility, which enables companies like GSR to operate within a defined and regulated environment.
Founded in 2013 in New Jersey, GSR has established itself as a prominent player in the cryptocurrency industry, offering services such as over-the-counter crypto trading, derivatives trading, market making, and venture capital investments. The firm holds Money Service Business licenses in several U.S. states, further solidifying its standing in the industry.
The approval granted to GSR comes at a time when cryptocurrency adoption and interest are on the rise in Singapore. Just one day prior to this announcement, we reported that cryptocurrency exchange Coinbase obtained a full MPI license from MAS. This regulatory green light enables Coinbase to provide digital token services to both individuals and institutional clients within Singapore.
![GSR Granted Major Payment Institution License in Singapore image 12](https://i0.wp.com/nosisnews.com/wp-content/uploads/2023/10/image-12.png?resize=1024%2C529&ssl=1)
![GSR Granted Major Payment Institution License in Singapore image 12](https://i0.wp.com/nosisnews.com/wp-content/uploads/2023/10/image-12.png?resize=1024%2C529&ssl=1)
According to data provided by Coinbase, 25% of surveyed Singaporeans view cryptocurrencies as the future of finance, with 32% of respondents indicating that they have either held cryptocurrencies in the past or currently own them. The city-state is also home to a thriving ecosystem of over 700 Web3 companies, underscoring its significance in the growing cryptocurrency and blockchain industry.
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