In a significant development for the cryptocurrency industry, GSR Markets UK, a subsidiary of global cryptocurrency trading firm GSR, has obtained regulatory approval from the United Kingdom’s Financial Conduct Authority (FCA). This license allows the company to operate as a licensed crypto asset business, marking a major milestone in its expansion plans.
Dual Regulatory Compliance: A First for the Industry
GSR Markets UK has achieved dual regulatory authorization from both the FCA and the Monetary Authority of Singapore (MAS). This makes GSR the first crypto liquidity provider to obtain this distinction. The approval is a testament to the company’s commitment to adhering to rigorous regulatory standards, which will enable it to provide services to institutional and professional clients globally.
CEO Comments on Dual Approval
The group CEO of GSR, Xin Song, commented on the significance of dual authorization: "This achievement allows us to confidently expand our services to institutional and professional clients globally." Song’s remarks highlight the company’s dedication to meeting the increasing demand for regulated and reliable crypto trading services.
Growing Demand for Regulated Crypto Trading Solutions
The FCA’s green light arrives at a time when the demand for regulated crypto trading solutions has surged since Bitcoin (BTC) broke the $100,000 milestone in December 2024. Institutional investment has entered the market throughout the year, further driving the need for compliant trading platforms.
FCA’s Progressive Regulation of Crypto
The FCA has been pushing for progressive regulation of crypto to improve market safety and transparency for consumers. Despite recent crackdowns, including banning Pump.fun in the UK, the regulator continues to promote a regulatory framework that supports innovation while protecting investors.
GSR Markets UK’s Service Expansion
With the FCA’s approval, GSR Markets UK can now cater to a growing demand for regulated crypto trading services as industry stakeholders increasingly seek compliant trading platforms. Jakob Palmstierna, CEO of GSR Markets UK, noted: "This development will allow us to better support our clients as they navigate the dynamic, rapidly growing market."
GSR’s Global Presence and Employees
According to the release, GSR Markets UK’s global presence numbers over 120 employees in the UK, positioning it as one of the largest crypto-native employers in the region.
MPI License in Singapore
GSR Markets received its full Major Payment Institution (MPI) license from the MAS on April 4, 2024. This license allows the firm to conduct multiple payment services and exceed volume limitations for payment firms. With the MPI license, GSR Markets can exceed the 3 million Singapore dollars ($2.2 million) volume limit for a payment service and the monthly limit of 6 million SG$ ($4.4 million) for two or more payment services.
Conclusion
GSR Markets UK’s regulatory approval from the FCA marks a significant milestone in its expansion plans. With dual regulatory compliance, the company can now provide services to institutional and professional clients globally. As the demand for regulated crypto trading solutions continues to grow, GSR is well-positioned to capitalize on this trend.
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