GSR Markets Pte. Ltd, the Singaporean subsidiary of cryptocurrency trading firm and liquidity provider GSR, has secured an in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license.

GSR is seasoned player in the digital asset market.

The company has a decade of experience as a liquidity provider is an active, multi-stage investor.

In a statement released on October 2nd, GSR expressed its pride in meeting the rigorous entry requirements stipulated by MAS and affirmed its commitment to achieving a full license.

Jakob Palmstierna, CEO of the GSR Group, said:

"We are immensely grateful to MAS for their constructive oversight, which helps shape a growing digital asset ecosystem that we feel proud to be a substantial part of."

GSR's vision involves using its Singaporean subsidiary as a pivotal gateway for extending its operations into the Asia-Pacific region.

MPI License

An MPI license grants institutions the authority to offer cryptocurrency and fiat-related services to Singaporean residents.

These licensed entities are empowered to engage in payment services without encountering the constraints of single transaction limits, currently set at 3 million Singaporean dollars ($2.2 million).

The monthly limits currently stand at 6 million Singaporean dollars ($4.4 million).

As the country moves towards better regulatory standards, the MAS has been on a roll the past week, also granting MPI licenses to Coinbase and Ripple.