GSR Markets obtains authorization in Singapore to provide OTC services
GSR Markets, a crypto market maker headquartered in Hong Kong, has received approval from the Monetary Authority of Singapore for its Singaporean division. This rare regulatory nod allows GSR Singapore to conduct spot over-the-counter (OTC) and market-making services within Singapore’s regulatory framework. The company had previously obtained an in-principle approval from MAS in September. Meanwhile, Singaporean authorities are taking steps to address concerns over speculative crypto investments by retail investors. They have expanded crypto regulations to include custody services and all firms facilitating crypto-related fund transfers. The Monetary Authority of Singapore has also issued cautionary advice to retail investors about purchasing spot Bitcoin exchange-traded funds (ETFs). Despite recent approvals of such funds in the U.S., the regulator emphasized that spot Bitcoin ETFs have not been endorsed as eligible assets for collective investment schemes in the region.
