Singapore licenses crypto market maker GSR

Authority scaled

The Monetary Authority of Singapore (MAS) has awarded a Major Payment Institution license to crypto market maker and liquidity provider GSR.

The license authorizes GSR as one of Singapore’s Digital Payment Token Services. The Digital Payment Token Services license authorizes firms to buy and sell “digital payment tokens,” the parlance for crypto by the Singaporean government.

GSR first received in-principal approval from MAS in September.

By convention, liquidity providers and market makers are not licensed entities as they are not customer-facing entities. But recently, Singapore expanded the scope of its licensing regime to include custodial services and cross-border money transfers.