GSR Markets, a cryptocurrency trading firm and liquidity provider, has obtained its full major payment institution (MPI) license from the Monetary Authority of Singapore (MAS). The license was secured on April 4, following an in-principle approval received in October 2023. Xin Song, CEO of GSR Singapore, stated that GSR is the first company of its kind to receive the MPI license in Singapore.
Under the MPI license, GSR and other licensed companies in Singapore are authorized to perform multiple payment services and surpass volume limitations for payment firms. This means that GSR can exceed the limit of 3 million Singapore dollars ($2.2 million) for a payment service and the monthly limit of 6 million SG$ ($4.4 million) for two or more payment services.
For GSR, this license enables the company to conduct its over-the-counter (OTC) spot and market-making services under the supervision of Singapore’s central bank. Founded in the United States in 2013, GSR facilitates OTC crypto trading, derivatives, market making, and venture capital investments. It also holds money service business licenses in various states across the US.
Singapore’s regulatory efforts, which allow financial institutions to explore blockchain-based technologies, aim to position the country as a digital asset hub. Consequently, many crypto companies targeting the region have sought to acquire the MPI license to offer their services within Singapore.
In 2023, Crypto.com, Coinbase, and Ripple were granted formal approval for their MPI licenses in Singapore. Crypto.com obtained its license in June, while Ripple and Coinbase received official approval in October.
In 2024, crypto exchange OKX and crypto custodian BitGo received in-principle approvals for the MPI license in Singapore. BitGo received the initial approval in January, while OKX obtained its initial approval in March.
While Singapore supports crypto innovation, the country is taking measures to crack down on retail speculation and expand the scope of its laws. MAS has introduced measures to discourage retail investors from speculating in crypto investments and has expanded the scope of its Payment Services Act to include custodial services for digital payment tokens, facilitating token transfers and exchanges, and cross-border fund transfers.