This is the first license that Singapore has given to a cryptocurrency market maker.
The Monetary Authority of Singapore (MAS) has granted a Major Payment Institution license to cryptocurrency market maker and liquidity provider GSR. Currently, GSR possesses the license for Singapore's Digital Payment Token Service, allowing businesses to purchase and trade "digital payment tokens," or what the government refers to as cryptocurrency. Exchanges also use this license.
In September, MAS granted the market maker its initial clearance in principle.
This is the first license that Singapore has given to a cryptocurrency market maker. The Monetary Authority of Singapore (MAS) has granted a Major Payment Institution license to cryptocurrency market maker and liquidity provider GSR.
Currently, GSR possesses the license for Singapore's Digital Payment Token Service, allowing businesses to purchase and trade "digital payment tokens," or what the government refers to as cryptocurrency.
Exchanges also use this license. In September, MAS granted the market maker its initial clearance in principle.
Since they do not deal directly with customers, liquidity providers and market makers are typically not licensed organizations.
Custodial services and international money transfers are now included in Singapore's licensing structure.
Andreas Koukorinis, a former executive at JP Morgan, was named as the trading company's new head of trade earlier this year. The news that GSR had received a license was initially published by Bloomberg.