Last Updated on October 2, 2023 by Bitfinsider
GSR, one of the industry’s oldest market makers, has received preliminary clearance from the Monetary Authority of Singapore (MAS) for a Major Payment Institution license.
According to a statement, the decision will assist GSR in deepening its roots in the Singapore market and leveraging it as a hub to invest in the region and encourage the adoption of web3 technology.
The worldwide cryptocurrency trading firm and liquidity provider stated that it is pleased to have met the MAS’s entry requirements and is working toward obtaining a full license in Singapore.
“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,” Jakob Palmstierna, CEO of GSR Group
“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,” Xin Song, COO of GSR Group, said. “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.”
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