GSR Markets Pte. Ltd., the Singapore subsidiary of cryptocurrency trading firm and liquidity provider GSR, has received The Monetary Authority of Singapore (MAS) has approved in principle the Major Payments Institution (MPI) license.
“GSR is proud to meet the strict access requirements set by MAS and will work hard to obtain a formal license,” the company said in an announcement on October 2. GSR plans to use its Singapore subsidiary as a hub for expansion into the Asia-Pacific region.
The MPI license allows institutions to provide cryptocurrency and fiat currency-related services to residents of Singapore. Licensed companies are authorized to conduct payment services without being subject to a single transaction limit of S$3 million (US$2.2 million) and a monthly transaction limit of S$6 million (US$4.4 million). “MAS is leading the way in providing a clear framework for digital asset utilities,” said Song Xin, chief operating officer of Jinshajiang.
The company, founded in New Jersey in 2013, conducts over-the-counter cryptocurrency trading as well as derivatives, market making and venture capital investments. The company holds money services business licenses in multiple states.
On October 1, Cointelegraph reported that cryptocurrency exchange Coinbase received a full MPI license from the MAS. Regulatory approval allows Coinbase to offer digital token services to individuals and institutions in Singapore.
according to data Data provided by Coinbase shows that 25% of Singaporeans surveyed believe cryptocurrencies are the future of finance, with 32% claiming they are current or past cryptocurrency owners. The city-state is home to more than 700 Web3 companies.
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