GSR Markets Gains Approval for Major Payment License in Singapore

Major Payment Institution License Approval

The Monetary Authority of Singapore (MAS) has granted in-principle approval for a Major Payment Institution (MPI) license to GSR Markets Pte. Ltd, a subsidiary of the New Jersey-based firm. This development allows the company to offer comprehensive crypto and fiat-related services without the constraints of single or monthly transaction limits of SGD 3 million and SGD 6 million respectively.

Expansion into Asia-Pacific

GSR Markets' strategic move is part of its commitment to advancing Web 3.0 technologies and expanding its footprint in the Asia-Pacific region. The firm collaborates with token issuers, institutional investors, and miners to support the burgeoning digital asset economy.

Parallel Developments in the Industry

This approval mirrors similar progress by Coinbase, which has also secured a full MPI license from MAS. Recognizing Singapore's advanced economy and vibrant Web3 ecosystem, Coinbase is further enhancing its presence in the region.

Broader International Expansion

Beyond Singapore, Coinbase is aggressively pursuing expansion in Canada. The company plans to develop a platform specifically tailored for Canadian users, aligning with its broader strategy to invest in startups, facilitate training initiatives, and collaborate with local associations.

Significance of Singapore's Digital Asset Ecosystem

These developments underscore Singapore's robust digital asset ecosystem, as highlighted by advisory firm Henley & Partners. The expansion initiatives by both GSR Markets and Coinbase emphasize the increasing importance of digital currencies and related technologies in the global financial landscape.