On April 1st, GSR Markets, the Singapore affiliate of cryptocurrencycurrency market maker GSR, received the highly sought-after major payment institution (MPI) license from the Monetary Authority of Singapore (MAS).According to the company’s news release, GSR Markets has been the first to obtain a complete MPI license from Singaporean authorities.
The clearance effectively allows GSR Markets to provide spot over-the-counter and market-making services in Singapore. GSR Markets received initial clearance for the MPI license in September of last year, and they thanked MAS for their assistance throughout the process.
The MPI license is currently held by 19 organizations that provide cryptocurrencycurrency or digital payment token services in Singapore, including industry giants such as Paxos, Blockchain.com, Circle, and Coinbase.GSR Group CEO Jakob Palmstierna expressed delight in receiving the MPI license from MAS, a regulator known for fostering long-term economic growth and a robust financial center.
Singapore has recently revised its guidelines for digital asset service providers, with the goal of establishing itself as Asia’s cryptocurrency center. Other regional players, such as Hong Kong and Japan, have also pushed or amended legislation to establish clear regulatory frameworks for cryptocurrencycurrency enterprises.
