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Cryptocurrency trading firm and liquidity provider GSR’s Singaporean subsidiary, GSR Markets Pte. Ltd, has received an in-principal approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license. “GSR is proud to have met the rigorous admission requirements set by MAS and will be working diligently towards a full license,” the firm said in its Oct. 2 announcement. GSR plans to use its Singaporean subsidiary as a hub for expanding into the Asia-Pacific region. An MPI license allows institutions to provide crypto and fiat-related services to residents of Singapore. Licensed firms are authorized to conduct payment services without being subjected to single transaction limits of 3 million Singaporean dollars ($2.2 million) and monthly limits of 6 million Singaporean dollars ($4.4 million). “MAS has led the way providing a clear framework for digital asset utility,” said Xin Song, chief operating officer of GSR.Founded in 2013 in New Jersey, the firm conducts over-the-counter crypto trading alongside derivatives, market making and venture capital investments. The firm holds Money Service Business licenses across several states.On Oct. 1, Cointelegraph reported that crypto exchange Coinbase obtained a full MPI license from the MAS. The regulatory approval allows Coinbase to offer digital token services to both individuals and institutions in Singapore.According to data provided by Coinbase, 25% of surveyed Singaporeans consider crypto to be the future of finance, with 32% of respondents claiming that they are either current or past crypto owners. The city-state is home to over 700 Web3 companies.Magazine: Are DAOs overhyped and unworkable? Lessons from the front lines

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