The Monetary Authority of Singapore (MAS) has granted In-Principle Approval for a Major Payment Institution (MPI) license to the Singapore subsidiary of New Jersey-based GSR Markets Pte. Ltd, a firm offering over-the-counter trading, derivatives, and market making services. This approval, announced on Thursday, enables the company to offer crypto and fiat-related services without single or monthly transaction caps of SGD 3 million ($2.2 million) and SGD 6 million ($4.4 million) respectively.
GSR's move aligns with its commitment to Web 3.0 technologies and ambitions to expand its presence in the Asia-Pacific region. The company works closely with token issuers, institutional investors, and miners, supporting the growth of digital assets.
This achievement mirrors that of Coinbase (NASDAQ:COIN), which also recently secured a full MPI license from MAS. The digital currency exchange platform has recognized Singapore's importance due to its progressive economy and dynamic Web3 ecosystem.
Beyond its activities in Singapore, Coinbase is also making moves in Canada. The firm announced on Thursday plans to expand its operations in the country, with a focus on developing a platform tailored to Canadian users. This comes as part of Coinbase's broader strategy of investing in startups, leading training initiatives, and partnering with local associations.
These developments underline the robustness of Singapore's digital asset ecosystem, as noted by global citizenship and residence advisory firm Henley & Partners. Both GSR Markets' and Coinbase's expansion plans highlight the growing significance of digital currencies and related technologies in today's global financial landscape.
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