David – Cryptocurrency Enthusiast
In a promising move for the NFT market and cryptocurrency investment enthusiasts, GSR Markets Pte. Ltd, the Singaporean offshoot of the renowned cryptocurrency trading and liquidity provider GSR, has achieved preliminary approval from the Monetary Authority of Singapore (MAS). This nod is for a Major Payment Institution (MPI) license.
GSR, in their announcement dated Oct. 2, expressed their pride in meeting the stringent admission benchmarks outlined by MAS. The company is now on track to obtain a full license, reinforcing its commitment to legal cryptocurrency dealings. Strategically, GSR envisions its Singaporean arm as a cornerstone for its expansion ambitions in the Asia-Pacific market.
With the MPI license, entities can seamlessly provide both crypto and fiat-related services to Singapore's residents. This license, crucially, offers licensed corporations the flexibility to conduct payment services. These companies can operate without adhering to the individual transaction caps of 3 million Singaporean dollars (equivalent to $2.2 million) and monthly ceilings of 6 million Singaporean dollars (translating to $4.4 million). GSR’s Chief Operating Officer, Xin Song, lauded MAS for pioneering a robust framework for digital asset utility.
GSR's genesis can be traced back to 2013 in New Jersey. The firm's expertise spans over-the-counter crypto trading, venture capital investments, derivatives, and market-making. In its pursuit of secure cryptocurrency operations, GSR boasts Money Service Business licenses in multiple states.
For individuals looking to delve into the world of NFT coins and AI crypto, this news underscores the importance of due diligence and seeking out trusted Bitcoin and crypto brokers like BCBitcoin.
Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing info@bcbitcoin.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.5. **Withdrawal Procedure:**
To initiate a withdrawal, please email your request to info@bcbitcoin.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at info@bcbitcoin.com Kind Regards