Crypto Market Maker GSR Wins Singapore’s Stringent License Singapore regulators have granted a
Major Payment Institution (MPI) license to crypto market maker
GSR Markets, establishing the company as among the initial recipients of such
authorization within its sector. Fueled by Bitcoin’s sustained strength and resurgent investor confidence, which have spurred a surge in
trading activity, market makers like GSR are enjoying a period of resurgent profitability.
GSR’s MPI follows its successful in-principle approval for the same license
in October. The awarding of an
MPI license is contingent upon
applicants fulfilling specific financial criteria. This includes upholding a minimum base capital level of $185,000 and submitting
regular financial statements to the Monetary Authority of Singapore
(MAS). Furthermore, MPI license holders are subject to ongoing reporting obligations to MAS.
These encompass notifying the authority of any material alterations to their business operations, along with any suspicious activities identified through
Anti-Money Laundering and Combating the Financing of Terrorism
(AML/CFT) controls.
