GSR’s Singaporean subsidiary, GSR Markets Pte. Ltd, has received an in-principal approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution license.
GSR is proud to have met the rigorous admission requirements set by MAS and will be working diligently towards a full license,” the firm said in its Oct. 2 announcement. GSR plans to use its Singaporean subsidiary as a hub for expanding into the Asia-Pacific region.
An MPI license allows institutions to provide crypto and fiat-related services to residents of Singapore. Licensed firms are authorized to conduct payment services without being subjected to single transaction limits of 3 million Singaporean dollars ($2.2 million) and monthly limits of 6 million Singaporean dollars ($4.4 million). “MAS has led the way providing a clear framework for digital asset utility,” said Xin Song, chief operating officer of GSR.
Founded in 2013 in New Jersey, the firm conducts over-the-counter crypto trading alongside derivatives, market making and venture capital investments. The firm holds Money Service Business licenses across several states.
