GSR RECEIVES IN-PRINCIPLE APPROVAL FROM THE MONETARY AUTHORITY OF SINGAPORE
GSR deepens roots in Singapore following In-Principle Approval for a Major Payment Institution Licence
SINGAPORE, Oct 3 (Bernama-BUSINESS WIRE) -- GSR, the global cryptocurrency trading firm and liquidity provider, today announced that its Singapore subsidiary, GSR Markets Pte. Ltd. (GSR Singapore) has received In-Principle Approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution licence. This licence represents a milestone in the Group’s regulatory journey and allows GSR Singapore to better serve the cryptocurrency community. GSR is proud to have met the rigorous admission requirements set by MAS and will be working diligently towards a full licence.
"We are immensely grateful to MAS for their constructive oversight, which helps shape a growing digital asset ecosystem that we feel proud to be a substantial part of,” said Jakob Palmstierna, CEO of the GSR Group.
Xin Song, the Group’s COO, added: “We are delighted to be recognised as one of the first firms of our type to be granted this In-Principle Approval from an internationally respected regulator such as MAS. MAS has led the way providing a clear framework for digital asset utility, enabling us to deepen our local client partnerships, and continue in our critical role as a liquidity provider within the ecosystem.”
GSR remains committed to growing its presence in Singapore, leveraging it as a hub in APAC to invest in entrepreneurs across the region, and encouraging adoption of Web 3.0 technologies.
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