Companies with a major payment institution license can facilitate multiple payment services and exceed volume limits for payment firms.
Crypto trading firm and liquidity provider GSR Markets received its full major payment institution license from the Monetary Authority of Singapore .in October 2023. GSR Singapore CEO Xin Song claimed that GSR is the first of its kind to receive the MPI license in the country.
In the case of GSR, the license would allow the company to conduct its over-the-counter spot and market-making services under the purview of Singapore’s central bank. Singapore’s regulatory efforts allow financial institutions to explore blockchain-based technologies to position the country as a digital asset hub.
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