GSR’s Singapore division has received regulatory approval from the Monetary Authority of Singapore, positioning the city-state as a crypto-friendly hub. The Hong Kong-based crypto market maker, GSR Markets, has obtained a Major Payment Institution license for its Singaporean division, enabling it to offer spot over-the-counter (OTC) and market-making services within Singapore’s regulatory framework.

This milestone makes GSR Singapore one of the first firms of its kind to receive such a license, setting the stage for the development of fair and orderly markets for digital assets. Xin Song, the chief operating officer at GSR, expressed excitement about the opportunity to continue leading the way in this evolving industry.

As Singapore enhances its position as a crypto hub, authorities are also taking steps to address concerns over speculative crypto investments by retail investors. Recent regulatory expansions now cover custody services and all firms facilitating crypto-related fund transfers, regardless of whether they physically hold the assets or tokens.

In response to market turbulence during the bear market of 2022-2023, the Monetary Authority of Singapore issued cautionary advice to retail investors regarding spot Bitcoin exchange-traded funds (ETFs). While such funds have received approvals in the U.S., the MAS emphasized that spot Bitcoin ETFs have not been endorsed as eligible assets for collective investment schemes (CIS) in the region.

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