In a significant milestone for the global cryptocurrency trading firm GSR, its UK subsidiary, GSR Markets UK, has obtained regulatory approval from the United Kingdom’s Financial Conduct Authority (FCA). This development enables the company to operate as a licensed crypto asset business, further expanding its scope of services and solidifying its position in the market.
Dual Regulatory Compliance: A First for Crypto Liquidity Providers
GSR Markets UK is now one of the first crypto liquidity providers to achieve dual regulatory authorization from both the FCA and the Monetary Authority of Singapore (MAS). This achievement underscores the company’s commitment to adhering to stringent regulatory standards, ensuring a safe and transparent trading environment for its clients.
Growing Demand for Regulated Crypto Trading Solutions
The UK’s FCA has been at the forefront of promoting progressive regulation in the crypto space, pushing for improved market safety and transparency. The growing demand for regulated crypto trading solutions, particularly since Bitcoin broke the $100,000 milestone in December 2024, has contributed to the increased scrutiny and regulatory oversight.
CEO’s Statement on Dual Approval
According to Xin Song, Group CEO of GSR, the dual approval will enable the firm to "confidently expand [its] services to institutional and professional clients globally." This sentiment reflects the company’s confidence in its ability to navigate complex regulatory requirements while providing a reliable and compliant trading experience.
FCA Approval Enables Service Expansion
With the FCA’s green light, GSR Markets UK can now cater to a growing demand for regulated crypto trading services. The approval allows the firm to facilitate over-the-counter (OTC) and programmatic execution trading for its UK clients, providing them with greater flexibility and control over their trading activities.
Global Presence and Employee Base
As of today, GSR Markets UK boasts an impressive global presence, with over 120 employees in the UK. This significant headcount positions the company as one of the largest crypto-native employers in the region, underscoring its commitment to growth and innovation.
MPI License in Singapore: A Key Milestone
In April 2024, GSR Markets received its full major payment institution (MPI) license from the MAS. This achievement was a result of an in-principle approval issued by the authority in October 2023. The MPI license enables the firm to conduct multiple payment services and exceed volume limitations for payment firms.
Benefits of MPI License
With the MPI license, GSR Markets can:
- Exceed the 3 million Singapore dollars ($2.2 million) volume limit for a payment service
- Exceed the monthly limit of 6 million SG$ ($4.4 million) for two or more payment services
This enhanced capability positions the firm to provide more comprehensive and efficient payment services to its clients, further solidifying its position in the global crypto trading market.
Conclusion
GSR Markets UK’s receipt of regulatory approval from the FCA is a significant milestone in the company’s growth trajectory. The dual authorization from both the FCA and MAS demonstrates the firm’s commitment to adhering to stringent regulatory standards, ensuring a safe and transparent trading environment for its clients. As the demand for regulated crypto trading solutions continues to grow, GSR Markets UK is well-positioned to capitalize on this trend, providing its clients with reliable and compliant trading services.
Related Reading
- Illegal Crypto Ads Prevail in UK Despite FCA Warning: This article highlights the ongoing issue of illegal cryptocurrency advertisements in the UK, despite warnings from regulatory authorities.
- Google to Require FCA Registration for Crypto Ads Targeting the UK: Google has announced that it will require crypto advertisers targeting the UK to register with the FCA, further emphasizing the importance of regulatory compliance in the industry.
