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

This MPI license grants GSR the authority to provide cryptocurrency and fiat-related services within Singapore, exempting it from the single transaction limit of SGD3 million equivalent to $2.2 million and the monthly limit of SGD6 million or $4.4 million.

Founded in New Jersey in 2013, GSR aims to leverage its Singapore unit as a strategic hub for expanding its presence across the Asia-Pacific region.

Notably, cryptocurrency exchange Coinbase obtained a full MPI license from MAS on October 1, enabling the provision of digital token services in Singapore.

According to Coinbase's data, 25% of Singaporeans view cryptocurrency as the future of finance, with 32% identifying themselves as current or previous owners of digital currencies.