For GSR, Coinbase, and other firms like them, it appears that Singapore presents the perfect market opportunity.
The regulatory compliance efforts of crypto trading firm and liquidity provider GSR in Singapore may have finally paid off. This follows after its Singaporean branch, GSR Markets Pte. Ltd recently secured an in-principle Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).
GSR to Conduct Business in Singapore without Any Hassles
The MPI license makes it so that GSR may now offer crypto and fiat-related services to residents of Singapore. Even more, the company may now also carry out limitless payment services. That is, they will not be subjected to the single transaction limits of 3 million Singaporean Dollars ($2.2 million) and monthly limits of 6 million Singaporean Dollars ($4.4 million) that restrict firms that do not have the MPI license.
Meanwhile, in a press release, GSR has admitted that gaining entry into the compliance book of MAS can be quite difficult. Despite this, however, the firm insists that it remains committed to gaining full compliance. Part of its statement reads:
“GSR is proud to have met the rigorous admission requirements set by MAS and will be working diligently towards a full license.”
According to GSR, securing the full license is the only way to achieve its goal of using the Singaporean office as a rallying point for its expansion into the Asia-Pacific region. By all means, the firm seeks to create a hub that will help it to invest in entrepreneurs across the region, and also bolster the adoption of Web 3.0 technologies.
Interestingly, GSR’s recent approval comes closely behind that of the Coinbase exchange that Coinspeaker earlier reported. The American exchange also recently obtained a full MPI license from the MAS, which permits it to offer digital token services to both individuals and institutions in Singapore.
For GSR, Coinbase, and other firms like them, it appears that Singapore presents the perfect market opportunity to ply their crypto trades. For context, Coinbase recently carried out a survey and found out that at least one out of every 4 Singaporeans believe that crypto is the future of finance. The city-state also plays host to over 700 Web3 companies.