GSR Markets secures license in Singapore to offer OTC services

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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.

In keeping with a Bloomberg report, GSR Singapore has been awarded a Main Fee 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 sort to be granted this licence, we’re excited to proceed to cleared the path in creating honest and orderly markets for digital property.”

Xin Tune chief working officer at GSR

Within the meantime, Singaporean authorities are addressing considerations over speculative crypto investments by retail buyers, following market turbulence through the 2022-2023 bear market. For instance, the nation has lately 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 property or tokens.

In mid-January, the Financial Authority of Singapore issued cautionary recommendation to retail buyers relating to the acquisition of spot Bitcoin exchange-traded funds (ETFs), regardless of current 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 property for collective funding schemes (CIS) within the area.

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