Key Points
- GSR Markets’ Singapore division has been granted a license by the Monetary Authority of Singapore.
- Singapore is expanding its crypto regulations and warning retail investors about speculative crypto investments.
GSR Markets, a crypto market maker based in Hong Kong, has received a license for its Singapore division from the Monetary Authority of Singapore (MAS).
As reported by Bloomberg, the Singapore division of GSR has been granted a Major Payment Institution license. This permits the company to provide spot over-the-counter (OTC) and market-making services within the regulatory framework of Singapore.
Enhancing Crypto Regulations
In light of the turbulence in the crypto market during the 2022-2023 bear market, Singaporean authorities have been working to address concerns over speculative crypto investments by retail investors. They have broadened the scope of their crypto regulations to include custody services and all firms involved in facilitating crypto-related fund transfers, irrespective of whether these firms physically hold the assets or tokens.
Cautionary Advice for Retail Investors
In January, the Monetary Authority of Singapore issued a warning to retail investors about buying spot Bitcoin exchange-traded funds (ETFs). This came despite the recent approval of such funds in the United States. The regulator highlighted that spot Bitcoin ETFs have not been approved as eligible assets for collective investment schemes (CIS) in the region. The regulator advised individuals considering participating in the trading of these products in international markets to proceed with caution.
