GSR Markets secures license in Singapore to offer OTC services
GSR’s Singapore divison secured a uncommon regulatory nod from Singapore because the city-state goals to turn into a crypto-friendly hub.
GSR Markets, a Hong Kong-headquartered crypto market maker, has secured a license for its Singaporean division from the Financial Authority of Singapore.
Based on a Bloomberg report, GSR Singapore has been awarded a Main Cost Establishment license, permitting it to conduct spot over-the-counter (OTC) and market-making companies inside Singapore’s regulatory framework. The corporate had beforehand secured an in-principle approval from MAS again in September, the report notes.
“As one of many first companies of our kind to be granted this licence, we’re excited to proceed to paved the way in growing truthful and orderly markets for digital belongings.”
Xin Music chief working officer at GSR
Within the meantime, Singaporean authorities are addressing issues over speculative crypto investments by retail traders, following market turbulence throughout the 2022-2023 bear market. For instance, the nation has not too long ago expanded its crypto regulation to incorporate custody companies and all companies facilitating crypto-related fund transfers, no matter whether or not they bodily maintain the belongings or tokens.
In mid-January, the Financial Authority of Singapore issued cautionary recommendation to retail traders concerning the acquisition of spot Bitcoin exchange-traded funds (ETFs), regardless of latest approvals of such funds within the U.S. As crypto.information reported earlier, the regulator warned people considering participation within the buying and selling of those merchandise in worldwide markets, stressing that spot Bitcoin ETFs haven’t been endorsed as eligible belongings for collective funding schemes (CIS) within the area.
