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 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.
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.
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