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.