Crypto market maker and liquidity provider GSR has been awarded a Major Payment Institution license by the Monetary Authority of Singapore (MAS).
GSR now holds Singapore’s Digital Payment Token Service license, which authorizes firms to buy and sell “digital payment tokens,” which is what the government calls crypto and is also the license exchanges use.
The market maker first received in-principal approval from MAS in September.
Typically, liquidity providers and market makers are not licensed entities as they are not customer-facing entities. Recently, Singapore expanded the scope of its licensing regime to include custodial services and cross-border money transfers.
Earlier this year, the trading firm appointed a former JP Morgan executive, Andreas Koukorinis, as its new head of trading. Bloomberg first reported that GSR had been awarded a license.