In simpler terms, the British division of the international cryptocurrency trading firm, GSR Markets UK, has been given permission by the UK’s Financial Conduct Authority (FCA) to function as a legally recognized crypto asset company.
As a researcher, I’m sharing an exciting development: I’ve learned that Global Settlements Research (GSR) has become the first cryptocurrency liquidity provider to secure dual regulatory approvals, one from the Financial Conduct Authority (FCA) in the UK and another from Singapore’s Monetary Authority of Singapore (MAS). This double authorization underscores GSR’s commitment to compliance and fostering trust within the crypto industry.
By broadening its operational reach, GSR will now be able to offer UK clients services like over-the-counter (OTC) trades and automated programmatic execution.
The approval from the Financial Conduct Authority (FCA) comes as interest in regulated cryptocurrency trading platforms increases, following Bitcoin’s (BTC) surpassing $100,000 in December 2024 and with institutions investing throughout the year.
Dual regulatory compliance
In spite of recent efforts to clamp down, such as prohibiting Pump.fun in the UK, the Financial Conduct Authority (FCA) is advocating for forward-thinking regulations on cryptocurrencies to enhance market security and openness for consumers by promoting greater transparency.
In simpler terms, the Chief Executive Officer (CEO) of GSR Xin Song stated that obtaining the double approval gives the company the confidence to extend their services to international and professional clients around the world.
GSR Markets UK follows a two-step verification process that aligns with the strict regulations of significant financial markets, both in the UK and Singapore.
Service expansion
With the Financial Conduct Authority’s approval, the company is now able to meet the expanding need for secure and trustworthy cryptocurrency trading services. As more industry players look for compliant trading platforms within the crypto market, this authorization will allow them to provide such a service.
According to Jakob Palmstierna, CEO of GSR Markets UK, this development will enable us to provide superior assistance to our clients as they maneuver through the fast-paced, expanding market.
The statement suggests that the company has more than 120 staff members working in the UK, making it one of the biggest employers focused on cryptocurrency within the region.
MPI license in Singapore
On April 4, 2024, GSR Markets officially obtained their Major Payment Institution (MPI) license from the MAS, following their initial approval in principle from the regulatory body in October 2023.
At that point in time, Song asserted that their entity was the initial one within the nation to obtain the MPI license. This accreditation permits the company to handle a variety of payment services and surpass transaction limits set for payment companies.
Under the MPI license, GSR Markets is permitted to surpass the $2.2 million (3 million SGD) threshold for a single payment service and the monthly cap of $4.4 million (6 million SGD) for multiple payment services.
Read More
- HBAR PREDICTION. HBAR cryptocurrency
- IMX PREDICTION. IMX cryptocurrency
- TRB PREDICTION. TRB cryptocurrency
- XDC PREDICTION. XDC cryptocurrency
- MNT PREDICTION. MNT cryptocurrency
- FLOKI PREDICTION. FLOKI cryptocurrency
- JTO PREDICTION. JTO cryptocurrency
- LDO PREDICTION. LDO cryptocurrency
- TNSR PREDICTION. TNSR cryptocurrency
- Dandadan Shares First Look at Season Finale: Watch
2025-01-06 16:54