GSR Markets UK, a subsidiary of global cryptocurrency trading firm GSR, has officially secured regulatory approval from the UK’s Financial Conduct Authority (FCA), granting it the license to operate as a crypto asset business. This approval makes GSR the first crypto liquidity provider to achieve dual regulatory authorization, holding both FCA approval and the Major Payment Institution (MPI) license from Singapore’s Monetary Authority of Singapore (MAS).
Expanding Services for Institutional Clients
With the FCA’s green light, GSR can now extend its services in the UK, including over-the-counter (OTC) and programmatic execution trading, tailored to meet the needs of institutional clients. The FCA’s approval comes at a time of increasing demand for regulated crypto trading platforms, particularly after Bitcoin’s price surged above $100,000 in December 2024, drawing significant institutional investment into the crypto space.
The dual approval from both the FCA and MAS strengthens GSR’s ability to serve institutional clients globally, operating under the regulatory standards of two major financial markets—Singapore and the UK. This move significantly broadens GSR’s operational scope, positioning the firm as a leading player in the global crypto liquidity space.
Commitment to Regulatory Compliance
Despite ongoing regulatory challenges, including recent actions like the FCA’s ban on Pump.fun, the UK regulator has been focused on introducing progressive crypto regulations aimed at enhancing market safety and consumer transparency. GSR’s dual approval aligns with these efforts, enabling the firm to provide secure, compliant services as demand for trusted crypto platforms continues to grow.
Xin Song, Group CEO of GSR, commented that the approval would allow the firm to “confidently expand [its] services to institutional and professional clients globally,” reinforcing its commitment to providing high-quality, regulated services in both the UK and Singapore.
Growing Workforce and Regional Presence
GSR Markets UK, which employs over 120 staff members, is positioned as one of the largest crypto-native employers in the UK. This expansion in workforce reflects the company’s growing presence and its commitment to supporting clients in navigating the rapidly evolving crypto market.
Jakob Palmstierna, CEO of GSR Markets UK, emphasized that the FCA approval will allow GSR to better support clients, particularly as they navigate the challenges of an increasingly dynamic and fast-growing market. The expansion also allows GSR to meet the increasing demand for regulated and reliable crypto trading solutions in the UK and globally.
Major Payment Institution (MPI) License in Singapore
In addition to the FCA approval, GSR Markets received its full Major Payment Institution (MPI) license from the MAS in April 2024, after being granted in-principle approval in October 2023. The MPI license permits GSR to offer a broader range of payment services, including exceeding volume limitations for payment firms. With this license, GSR is now able to surpass the Singapore dollar (SGD) 3 million limit for individual payment services and the SGD 6 million monthly limit for multiple payment services.
Looking Ahead
GSR’s dual regulatory approval in the UK and Singapore positions the firm for continued growth in the institutional crypto trading market. With increasing demand for regulated platforms and GSR’s commitment to adhering to the highest regulatory standards, the firm is poised to play a significant role in the future of global crypto trading.
As the regulatory landscape continues to evolve, GSR’s ability to provide compliant, reliable services to institutional clients in major financial hubs like the UK and Singapore further solidifies its reputation as a trusted leader in the crypto industry.
