GSR Markets receives Singapore license for crypto trading

The license will allow GSR Markets to carry out its spot over-the-counter and market making services within the city-state’s regulatory framework. GSR had received an in-principle approval from Monetary Authority of Singapore (MAS) in September 2023.

Singapore’s plans to foster market innovation

Singapore is facilitating the experimentation of financial institutions with blockchain technology as it endeavours to establish itself as a leading digital-asset hub. Already a prominent financial centre, the city-state aims to entice potential disruptors, including virtual-asset firms, and is in competition with Hong Kong and Japan to do so.

At the same time, authorities have sought to curb speculative crypto bets by mass-market retail investors after blowups in the sector during the 2022 bear market.

Earlier in April 2024, Singapore widened the scope of its digital-asset regulation to custody, as well as to all firms handling crypto-related fund transfers regardless of whether they come into possession of the money or tokens.

Previous news from GSR Markets

In May 2019, GSR introduced the Bitcoin Halo Option, a structured product aimed at managing trade risks for investors. It operates by allowing traders to place 10 daily trades in BTC/USD markets until the option's termination date. At maturity, traders receive any positive value remaining from their trades, but nothing if the value is negative. This offers a streamlined and secure risk management solution for active traders.