• The crypto market maker received in-principal approval from MAS in September.
  • GSR recently appointed a former JP Morgan executive to be its head of trading

GSR, a prominent company that makes trades and ensures liquidity in the cryptocurrency market, has received approval as a Major Payment Institution from the Monetary Authority of Singapore (MAS).

Now, GSR has obtained the license for Singapore’s Digital Payment Token Service. This permit permits companies to deal with “digital payment tokens,” a term used by the government interchangeably with crypto, which is likewise utilized by cryptocurrency exchanges.

The market maker first received in-principal approval from MAS in September.

Normally, businesses providing liquidity and acting as market makers don’t require licenses since they don’t interact directly with customers. However, more recently, Singapore broadened its regulatory framework to cover custodial services and international money transfers.

Crypto Market Maker GSR Recieves Singapore Crypto License

This year, a trading firm brought on board a new leader for its trading division, Andreas Koukorinis, who previously worked at JP Morgan. It was initially announced by Bloomberg that this firm received a license.

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2024-04-04 10:24