In Singapore, local regulators have issued a license to the cryptocurrency market maker GSR Markets.

The media notes that the mentioned actions are rare for the digital asset market, where liquidity providers such as GSR continue to operate without permission in most cases.

Xin Song, CEO of GSR Singapore, said that the company is one of the first of its kind to receive a license from a Major Payment Institution from the Monetary Authority of Singapore (MAS). The license allows the company to conduct spot over-the-counter and market-making services. The presence of a permit is a guarantee that the company’s activities will be carried out within the framework of the regulatory requirements of the city-state.

Singapore is currently one of the regional leaders in the Web3 sector. Local authorities actively support the fintech industry.

Last year, the central bank of Singapore allocated $112 million to strengthen local initiatives in the sphere of financial technology. In this case, priority attention is paid to those companies that use new Web3 technologies.

Singapore has also found itself in the spotlight of such major crypto platforms as Blockchain.com, Circle, Crypto.com, and Coinbase. These companies have applied for a license to do business in the city-state.

At the same time, the Singapore authorities are working to limit speculative bets on cryptocurrencies from retail investors. The implementation of these efforts is due to the negative experience of the so-called crypto winter of 2022.

This week, the Singapore authorities expanded the sphere of its regulation of digital assets, extending it to custody and all companies involved in the transfer of cryptocurrency-related funds.

As we have reported earlier, World ID Launches in Singapore.