Global Crypto Trading Firm GSR Receives In-Principle Approval from MAS for Major Payment Institution License in Singapore

Global Crypto Trading Firm GSR Receives In-Principle Approval from MAS for Major Payment Institution License in Singapore

Crypto News – GSR, a longstanding entity in the crypto market, has recently achieved a significant milestone: receiving in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution license. This strategic decision sets the stage for GSR to deepen its presence in the Singaporean market and utilize it as a central hub for investments in the region, actively promoting the adoption of web3 technology, as stated in an official announcement.

The globally recognized cryptocurrency trading firm and liquidity provider expressed pride in meeting MAS’s admission criteria and is actively working towards securing a full license to operate in Singapore.

GSR Group CEO, Jakob Palmstierna, conveyed immense gratitude to MAS for their constructive oversight, emphasizing its role in shaping a burgeoning digital asset ecosystem, of which GSR is proud to be a significant participant.

“We are thrilled to be acknowledged as one of the pioneering firms in our domain to receive this in-principle approval from a globally respected regulator like MAS,” remarked GSR Group COO Xin Song. He emphasized MAS’s leadership in providing a clear regulatory framework for digital asset utility, enabling GSR to strengthen its partnerships with local clients and maintain its pivotal role as a liquidity provider within the ecosystem.

In another noteworthy development earlier today, Coinbase, a prominent player in the crypto space, was granted a full Major Payment Institution license by MAS, nearly a year after initially receiving in-principle approval.