Key Takeaways:
- GSR becomes the first crypto market maker in Singapore to be granted the Major Payment Institution license by MAS, allowing for the buying and selling of cryptocurrencies.
- The license is part of Singapore’s effort to adapt its regulatory framework to the evolving financial sector, including crypto-related activities and cross-border money transfers.
- GSR’s strategic enhancement of its leadership team with the hiring of Andreas Koukorinis from JP Morgan highlights its commitment to strengthening trading operations and market presence.
In a groundbreaking move, GSR, a prominent crypto market maker and liquidity provider, has been granted a Major Payment Institution license by the Monetary Authority of Singapore (MAS).
This pivotal license marks GSR as the first crypto market maker to receive such recognition in Singapore, setting a new precedent in the regulatory landscape.
Singapore authorities awarded a license to crypto market maker GSR Markets, a rare step in the digital-asset sector where liquidity providers globally still largely operate without regulatory permits https://t.co/0i4r3DHDuJ
— Bloomberg Crypto (@crypto) April 4, 2024
The license, known as the Digital Payment Token Service license, permits companies to engage in the buying and selling of “digital payment tokens,” a term Singapore’s government uses to refer to cryptocurrencies.
This licensing is akin to that which crypto exchanges are required to have, showcasing Singapore’s evolving regulatory framework to encompass a broader range of crypto-related activities.
GSR's Singapore divison secured a rare regulatory nod from Singapore as the city-state aims to become a crypto-friendly hubhttps://t.co/rhi2aU2cJ9
— crypto.news (@itscrypto_news) April 4, 2024
GSR’s journey to licensing began with an in-principal approval from MAS back in September, highlighting the firm’s compliance with Singapore’s stringent financial standards.
The license’s acquisition aligns with Singapore’s recent efforts to widen its licensing regime, now including custodial services and provisions for cross-border money transfers, adapting to the changing dynamics of the financial sector.
Adding to its strategic advancements, GSR recently enhanced its leadership team by welcoming Andreas Koukorinis, a former executive from JP Morgan, as its new head of trading.
🏦 #Singapore's financial regulatory authority, MAS, has granted a license to the #cryptocurrency market maker, GSR Markets.https://t.co/6oWEAF3Zym
— GN Crypto (@GNcrypto_news) April 4, 2024
This appointment signifies GSR’s commitment to strengthening its trading operations and market presence.
Historically, entities like liquidity providers and market makers haven’t required licenses due to their non-customer-facing nature.
However, Singapore’s decision to license such firms underscores the city-state’s proactive approach to regulating and legitimizing the crypto industry, ensuring a safer and more robust market for participants.
Singapore authorities awarded a license to crypto market maker GSR Markets, a rare step in the digital-asset sector where liquidity providers globally still largely operate without regulatory permits https://t.co/0i4r3DHDuJ
— Bloomberg Crypto (@crypto) April 4, 2024
The license awarded to GSR not only solidifies its position as a leading player in the crypto market but also signals Singapore’s continued openness and innovation in embracing the future of finance.
About The Author
Victor Fawole, a seasoned Web3 content creator and social media influencer, excels in bringing the pulse of the crypto world to our readers.
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