- GSR Markets secures MAS license, paving the way for OTC services in Singapore.
- Singapore aims to be a crypto-friendly hub with regulatory compliance.
- MAS recently expanded its regulations to safeguard investors amidst market turbulence.
GSR Markets, a prominent crypto market maker, has obtained a Major Payment Institution license from MAS in Singapore.
The license enables GSR Markets to offer spot over-the-counter (OTC) and market-making services within the regulated framework of Singapore.
Singapore’s push for blockchain innovation
Singapore has been actively positioning itself as a global hub for blockchain innovation and digital assets.
The recent licensing of GSR Markets reflects Singapore’s commitment to fostering innovation while ensuring adherence to regulatory standards. It signifies a significant step forward in the evolution of Singapore’s regulatory landscape for cryptocurrencies.
Besides GSR Markets, several other crypto players including Bitstamp, BitGo, and UpBit have received in-principle MPI license approvals from the MAS.
By legitimizing GSR Markets’ operations, MAS is paving the way for increased confidence and stability in the digital asset sector.
Moreover, the move positions Singapore as a forward-thinking jurisdiction that embraces emerging technologies while maintaining robust regulatory oversight. By fostering a conducive regulatory environment, Singapore aims to solidify its competitive position in the global financial landscape.
Resurgence of market makers like GSR Markets in Singapore
The resurgence of market makers like GSR Markets in Singapore reflects growing investor confidence in digital assets in the country.
Market makers play a crucial role in providing liquidity and stability to the crypto market, thereby mitigating volatility.
MAS’s recognition of the importance of market makers highlights Singapore’s efforts to strike a balance between innovation and regulatory compliance in the digital asset space.
MAS recently updated its crypto regulatory measures to widen the scope of digital-asset regulation to tackle speculative activities and enhance investor protection. It also added non-custodial crypto wallet imToken to its Investor Alert List, further demonstrating the regulator’s commitment to market integrity and investor safety.