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Another crypto exchange receives regulatory node in Singapore

2min Read

Singapore recently granted an in-principal approval to a local unit of cryptocurrency trading firm and liquidity provider GSR.


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  • Singapore has granted MPI licenses to 14 virtual asset firms so far.
  • The Southeast nation recently emerged as a leading crypto hub as per a report.

Singapore recently granted an in-principal approval for a Major Payment Institution (MPI) license to cryptocurrency trading firm and liquidity provider GSR’s Singaporean subsidiary, GSR Markets.

GSR announced the approval via a press release on 2 October. It stated that it had met the stringent compliance requirements set by the Monetary Authority of Singapore (MAS) and is working towards securing a complete license to operate in Singapore.

The MPI license allows GSR to deliver crypto and fiat-related services to residents of the city state.

Founded in 2013 in New Jersey, MSR engages in over-the-counter (OTC) crypto trading alongside derivatives, market making, and venture capital investments.

MSR is not the only firm to receive the MPI license by the MAS. In fact, Coinbase [COIN] secured the same license as one received by MSR on the same day.

So far, the MAS has granted MPI licenses to 14 virtual asset firms, including, Circle, and Ripple [XRP].

Singapore overcomes setbacks to emerge as a leading crypto hub

Remember that both the crypto shockers in May and November last year affected the crypto industry in Singapore drastically.

Three Arrows Capital (3AC), a Singapore-based crypto hedge fund, went bankrupt when Terra Luna [LUNA] collapsed in May 2022. Terra’s collapse also led to a Singapore-based crypto lender Hodlnaut losing around $190 million.

The state’s investment fund Temasek Holdings got a shock when FTX [FTT] collapsed in November 2022. Temasek had invested $275 million in the exchange earlier. The fund wrote off its entire investment in FTX within a few days of the disaster.

Consequently, in June 2023, the MAS issued a stricter set of rules for crypto firms. Due to several mishaps, the regulator is now taking a cautious approach to crypto. Nonetheless, Singapore boasts more than 700 Web3 companies, making it a pivotal player in the growth of the crypto and Web3 economy.

Last month, the London-based consultancy firm Henley & Partners published its “Crypto Wealth Report.” It placed Singapore at the top of its Crypto Adoption Index. The island nation received very high ratings from the firm in a number of aspects such as tax-friendliness, public adoption, and regulatory environment.


Saman is a News Editor at AMBCrypto. Her background in History and English expanded on her knack for editing and presenting all sides of a story without bias. With a strong will to learn, Saman is always up for exploring unknown territory, and crypto, with its ever-changing landscape, offers just that.
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