Singaporean division of GSR Markets, a Hong Kong-based crypto market maker, has obtained a license from the Monetary Authority of Singapore (MAS) to offer spot over-the-counter (OTC) and market-making services. The company has been granted a Major Payment Institution license, which is a rare regulatory approval in Singapore, as the city-state aims to establish itself as a crypto-friendly hub.

GSR Singapore had previously received in-principle approval from MAS in September, and the new license allows the company to operate within Singapore's regulatory framework. Xin Song, the chief operating officer at GSR, expressed his excitement about the company being one of the first of its kind to receive this license, as it continues to lead the way in developing fair and orderly markets for digital assets.

In recent developments, Singaporean authorities have been addressing concerns over speculative crypto investments by retail investors, following market turbulence during the 2022-2023 bear market. The country has expanded its crypto regulation to include custody services and all firms facilitating crypto-related fund transfers, regardless of whether they physically hold the assets or tokens.

In mid-January, MAS issued a warning to retail investors regarding the purchase of spot Bitcoin exchange-traded funds (ETFs), despite recent approvals of such funds in the U.S. The regulator cautioned individuals against participating in the trading of these products in international markets, emphasizing that spot Bitcoin ETFs have not been approved as eligible assets for collective investment schemes (CIS) in the region.

In other news, Bitstamp has also earned a provisional crypto license in Singapore, as the country continues to regulate and support the growth of the digital asset industry.