GSR Markets, a cryptocurrency trading firm and liquidity provider, has been granted a full major payment institution (MPI) license by the Monetary Authority of Singapore (MAS). This license allows GSR to conduct various payment services and surpass volume limits set for payment firms. GSR is the first company of its kind to receive this license in Singapore. With the MPI license, GSR can now offer its over-the-counter (OTC) spot and market-making services under the supervision of Singapore’s central bank.
GSR was established in the United States in 2013 and specializes in OTC crypto trading, derivatives, market making, and venture capital investments. The company holds money service business licenses in multiple states across the US. Singapore’s regulatory efforts in the blockchain space have attracted many crypto companies, prompting them to obtain the MPI license in order to operate within the country. Crypto.com, Coinbase, Ripple, OKX, and BitGo are among the companies that have received either formal approval or in-principle approval for the MPI license in Singapore.
While Singapore is supportive of crypto innovation, it is also taking measures to discourage retail speculation and expand the scope of its laws. MAS has introduced regulations to discourage retail investors from speculating in crypto investments. Additionally, the Payment Services Act has been expanded to include custodial services for digital payment tokens (DPTs) and other related activities. These efforts aim to position Singapore as a prominent digital asset hub while maintaining regulatory oversight.