GSR Markets, a well-known crypto market maker, has received a Major Payment Institution license from MAS in Singapore. This license allows GSR Markets to provide spot over-the-counter (OTC) and market-making services under the regulatory framework of Singapore.
Singapore’s Embrace of Blockchain Innovation
Singapore has been actively positioning itself as a leading center for blockchain innovation and digital assets. The recent licensing of GSR Markets demonstrates Singapore's dedication to promoting innovation while ensuring compliance with regulatory standards. It represents a significant advancement in Singapore's regulatory landscape for cryptocurrencies.
In addition to GSR Markets, other crypto players like Bitstamp, BitGo, and UpBit have also received approval for in-principle MPI licenses from MAS. By legitimizing the operations of GSR Markets, MAS is working to increase confidence and stability in the digital asset sector.
Moreover, Singapore's approach showcases its forward-thinking attitude toward emerging technologies while maintaining strong regulatory oversight. By fostering a supportive regulatory environment, Singapore aims to strengthen its competitive position in the global financial sector.
Rise of Market Makers like GSR Markets in Singapore
The comeback of market makers like GSR Markets in Singapore reflects a growing sense of confidence among investors in digital assets in the country. Market makers play a vital role in offering liquidity and stability to the crypto market, helping to reduce volatility.
MAS's recognition of the importance of market makers underscores Singapore's efforts to strike a balance between innovation and regulatory compliance in the digital asset industry. Recently, MAS updated its crypto regulatory measures to broaden the scope of digital asset regulation to address speculative activities and improve investor protection. The addition of non-custodial crypto wallet imToken to its Investor Alert List further illustrates the regulator's commitment to market integrity and investor safety.
