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.
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