GSR, one of the pioneering market makers in the cryptocurrency industry, has received preliminary approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution license. This significant development will allow GSR to further establish its presence in the Singaporean market and utilize it as a central hub for investment activities in the region while promoting the adoption of web3 technology, as indicated in an official statement.
The global cryptocurrency trading firm and liquidity provider expressed its pride in meeting the admission criteria set by MAS and is actively working toward obtaining a full license in Singapore. GSR Group CEO Jakob Palmstierna expressed immense gratitude to MAS for their constructive oversight, acknowledging the role it plays in shaping the rapidly growing digital asset ecosystem in which GSR is a significant participant.
GSR Group COO Xin Song also highlighted the importance of this in-principle approval from a globally respected regulator like MAS. He emphasized that MAS has been at the forefront in providing a transparent framework for the utility of digital assets, enabling GSR to strengthen its local client partnerships and maintain its pivotal position as a liquidity provider within the ecosystem.
It is noteworthy that earlier on the same day, Coinbase was granted a full Major Payment Institution license by MAS, nearly a year after initially receiving in-principle approval.