GSR has received preliminary approval for a major payment institution license in Singapore.

BlockBeats reported on October 2nd that GSR Markets, the Singapore subsidiary of cryptocurrency market maker GSR, has received preliminary approval for a major payment institution license from the Monetary Authority of Singapore (MAS), according to a report by The Block. According to a statement, this will help GSR deepen its roots in the Singapore market and position it as a center for investing in and promoting the adoption of web3 technology in Singapore. GSR expressed pride in meeting MAS' admission requirements and is working to obtain a full license in Singapore.