Cryptocurrency trader and market maker GSR has become the first cryptocurrency liquidity provider to obtain regulatory licenses from both the FCA and MAS in Singapore.

GSR, a global cryptocurrency trading company and market maker, has received approval from Financial Conduct Authority For its British arm to operate as a registered crypto asset company, the company Announce In a press release on Monday, January 6.

With the approval, GSR says it has become the first cryptocurrency liquidity provider to receive approval from both the Financial Conduct Authority (FCA) and the Monetary Authority of Singapore. Consent allows GSR to display over the counter and automated execution crypto asset trading services in the UK via its UK arm.

Shin Song, CEO of GSR Group, says receiving FCA approval represents “an important milestone in our mission to shape a more transparent and inclusive global cryptocurrency trading ecosystem.” He added that obtaining approvals from several financial regulatory bodies will allow GSR to expand its services to clients internationally.

GSR, which employs more than 120 people in the UK, is now looking forward to working with UK policymakers as cryptocurrency regulations evolve in the country, the company added in the press release. In April 2024, GSR Also received Master Payment Institution licence, allowing it to provide spot OTC and market making services under Singapore regulations.