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GSR Markets, a subsidiary of cryptocurrency market maker GSR, has obtained in-principal approval for a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).
Authorities in Singapore have so far granted the MPI licenses to 14 Digital Payment Token companies including Coinbase, which received a full MPI license on the same day as GSR, Blockchain.com, Circle, Paxos, Ripple, among others.
GSR noted that it had met the rigorous admission requirements set by MAS and is working towards obtaining a full license to operate in the city-state.
The significant development would not only help GSR obtain a foothold in Singapore but also boost Web 3.0 adoption and invest in businesses across the APAC region, the company press release read.
“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 the GSR Group, said.
MAS’ Regulatory Framework
As reported by Cryptonews last month, Singapore has emerged as the top crypto-friendly destination for crypto millionaires seeking tax-friendly havens to protect their crypto assets. The Crypto Adoption Index by Henley & Partners gave a score of 10 out of 10 in the tax-friendliness parameter.
However, the recently elected president of Singapore, Tharman Shanmugaratnam, has been taking a critical stance on digital assets.
Xin Song, the GSR Group’s COO, said that obtaining a license from a “respected regulator” like the country’s central bank MAS has been a major recognition.
“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.”
In June 2022, Sopnendu Mohanty, chief fintech officer at the city’s regulator, stressed that Singapore is “brutal and unrelentingly hard” on bad behavior in the crypto industry.
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