Singapore Licenses Crypto Market Maker in Rare Step for Industry

Singapore authorities awarded a license to crypto market maker GSR Markets, a rare step in the digital-asset sector where liquidity providers globally still largely operate without regulatory permits.

The company is one of the first of its kind to be granted a Major Payment Institution license from the Monetary Authority of Singapore, Xin Song, chief executive officer of GSR Singapore, said in a statement on Thursday.

The license will allow the firm to carry out its spot over-the-counter and market making services within the city-state’s regulatory framework. GSR had received an in-principle approval from MAS in September. ...