Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
Crypto Flexs
Home»ADOPTION NEWS»GSR Markets Grants ‘Main Payment Institution’ License in Singapore
ADOPTION NEWS

GSR Markets Grants ‘Main Payment Institution’ License in Singapore

By Crypto FlexsApril 4, 20243 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
GSR Markets Grants ‘Main Payment Institution’ License in Singapore
Share
Facebook Twitter LinkedIn Pinterest Email

Cryptocurrency marketplace maker GSR’s Singapore subsidiary obtained a Principal Payment Institution (MPI) license from the Monetary Authority of Singapore on April 1, the company told The Block on Thursday.

The Singapore entity, GSR Markets, said it was the first company to obtain a full MPI license from Singapore authorities. press release. today, 19 companies Participating in cryptocurrency services or digital payment token services Those holding MPI licenses in Singapore include Paxos, Blockchain.com, Circle, and Coinbase.

“We are proud to have received the MPI license from MAS, a regulator that promotes sustainable, non-inflationary economic growth and healthy, progressive financial centres,” GSR Group CEO Jakob Palmstierna said in a press release.

This approval allows GSR Markets to effectively pursue spot OTC sales and market making services in Singapore. Last September, GSR Market Approval in principle Regarding the MPI license, the company said it was grateful for MAS’ “constructive oversight.”

“It is important to pay attention to the institutionalization of cryptocurrency market makers,” said Kim Hyeong-joong, president of the Korea Fintech Association, in an interview with The Block. He also said that Asian regulators do not like cryptocurrency market makers very much. “The ‘pump and dump’ type of market making has been prevalent (in cryptocurrencies) for some time now, but as regulation kicks in, the market will see more traditional methods of market making that will improve awareness.”

Kim added that this regulatory approval in Singapore could set a positive precedent for regulatory developments in other Asian countries.

Singapore has recently been revising its rules for digital asset service providers in a bid to grow the city-state into Asia’s cryptocurrency hub. Hong Kong and Japan have also been pushing or revising rules to establish a clear regulatory framework for cryptocurrency companies.

Earlier this week, MAS announced: expand scope It provides regulated payment services, including custodial services for digital payment tokens (DPTs), facilitating transfers of DPTs, and facilitating cross-border remittances between countries “even when funds are not accepted or received in Singapore”.

Updated to add description of GSR.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Data Center security improvement: Role and risk of base board management controller

June 7, 2025

Gala Games unveils a new byte pack in VEXI village.

June 7, 2025

Eigenlayer starts the redistribution function in testnets

June 6, 2025
Add A Comment

Comments are closed.

Recent Posts

Data Center security improvement: Role and risk of base board management controller

June 7, 2025

Is the Solana -SOL route that is involved in whale movements still alive for $ 160?

June 7, 2025

Gala Games unveils a new byte pack in VEXI village.

June 7, 2025

XRP price prediction by reducing the volume of RLUSD (RIPPLE USD)

June 7, 2025

ARCA is disappointed with the IPO allocation and dumps the circle sharing.

June 7, 2025

Eigenlayer starts the redistribution function in testnets

June 6, 2025

Musk & Trump SPAT sends trenches from DOGE Price Crumbling, Tesla.

June 6, 2025

Musk & Trump SPAT sends trenches from DOGE Price Crumbling, Tesla.

June 6, 2025

Vortex uses NVIDIA Jetson to innovate medical imaging with CT-similar ultrasound.

June 6, 2025

2025 Best Free Cloud Mining

June 6, 2025

Sei Development Foundation: Use of US Innovation for Global Block Chain

June 6, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

Data Center security improvement: Role and risk of base board management controller

June 7, 2025

Is the Solana -SOL route that is involved in whale movements still alive for $ 160?

June 7, 2025

Gala Games unveils a new byte pack in VEXI village.

June 7, 2025
Most Popular

Amid Record Hash Rate, BTC Price Could Hit $40,000 — 5 Things to Know in Bitcoin This Week

November 27, 2023

Bitcoin vs Ethereum: Legendary Analyst Says He’s ‘Pretty Sure’ ETH Will Outperform

September 14, 2024

Polygons may soon reach their 2023 highs, but there’s a problem.

February 25, 2024
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.