GSR Secures In-principle Approval For Singapore Major Payment Institution Licence

KUALA LUMPUR, Oct 3 (Bernama) -- GSR, the global cryptocurrency trading firm and liquidity provider, announced 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.

According to a statement, this licence represents a milestone in the group’s regulatory journey and allows GSR Singapore to better serve the cryptocurrency community.

“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 GSR Group Chief Executive Officer, Jakob Palmstierna.

Meanwhile, the group’s Chief Operating Officer, Xin Song said: “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 is proud to have met the rigorous admission requirements set by MAS and will be working diligently towards a full licence.

The company remains committed to growing its presence in Singapore, leveraging it as a hub in Asia Pacific to invest in entrepreneurs across the region, and encouraging adoption of Web 3.0 technologies.

-- BERNAMA