As cryptocurrencies continue to develop and gain acceptance, there is an anticipated shift from traditional finance to the crypto sector.

In January 2024, the United States Securities and Exchange Commission (SEC) approved Bitcoin ETFs, creating significant global interest.

Recently, GSR Markets' subsidiary obtained a substantial Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS) on April 01, 2024. The press release from GSR Markets states that they are the first company to secure the complete MPI license in the country. Presently, there are 19 companies offering cryptocurrency services and digital payment token services with MPI licenses.

Major companies such as Paxos, Blockchain.com, Circle, and Coinbase already operate in various countries and have a strong user base. The CEO of GSR Group, Jakob Palmstierna, emphasized their pride in receiving the MPI license from MAS.

This approval allows the GSR Markets subsidiary to provide open market-making services, including spot over-the-counter trading, in Singapore.

Global Cryptocurrency Hubs

As cryptocurrencies gain popularity, many countries have revised their digital asset regulations. Hong Kong is considered one of the primary crypto hubs, but Singapore's favorable crypto regulations make it an attractive option.

The surge in crypto interest has led numerous companies to relocate to countries with more relaxed regulations.

According to Grand View Research Inc., the global cryptocurrency market size is expected to reach $11.71 Billion, as of data published on November 18, 2023. There are over 9,000 registered cryptocurrency projects worldwide, with Bitcoin being the most prominent.

Cryptocurrency Market Update

The cryptocurrency market capitalization increased by 1.18% in the past 24 hours, totaling $2.52 Trillion. Bitcoin experienced a 1.22% growth intraday, trading at $66,802. Ethereum, the second-largest cryptocurrency, was trading at $3,353. Bitcoin holds the highest market capitalization at $1.32 Trillion.

Ethena (ENA) witnessed a significant 19.54% increase in its trading price, making it the leader in intraday trading volume. Meanwhile, Core (CORE) suffered a loss of 18%.

Please note that the information provided in this article serves for informational purposes only and should not be considered as financial or investment advice.