GSR’s Singapore divison secured a rare regulatory nod from Singapore as the city-state aims to become a crypto-friendly hub.

GSR Markets, a Hong Kong-headquartered crypto market maker, has secured a license for its Singaporean division from the Monetary Authority of Singapore.

According to a Bloomberg report, GSR Singapore has been awarded a Major Payment Institution license, allowing it to conduct spot over-the-counter (OTC) and market-making services within Singapore’s regulatory framework. The company had previously secured an in-principle approval from MAS back in September, the report notes.

“As one of the first firms of our type to be granted this licence, we are excited to continue to lead the way in developing fair and orderly markets for digital assets.”

Xin Song chief operating officer at GSR

In the meantime, Singaporean authorities are addressing concerns over speculative crypto investments by retail investors, following market turbulence during the 2022-2023 bear market. For example, the country has recently expanded its crypto regulation to include custody services and all firms facilitating crypto-related fund transfers, regardless of whether they physically hold the assets or tokens.

In mid-January, the Monetary Authority of Singapore issued cautionary advice to retail investors regarding the purchase of spot Bitcoin exchange-traded funds (ETFs), despite recent approvals of such funds in the U.S. As Coin Insider Daily reported earlier, the regulator warned individuals contemplating participation in the trading of these products in international markets, stressing that spot Bitcoin ETFs have not been endorsed as eligible assets for collective investment schemes (CIS) in the region.