Regulators in Singapore have given a license to cryptocurrency market maker GSR Markets. As Bloomberg News noted in a report late Wednesday (April 3), the move is a rare one for the digital asset space, where liquidity providers such as GSR still — in most cases — function without regulatory permits. Xin Song, CEO of GSR Singapore, said
Singapore has expanded the scope of what cryptocurrency-related activities it regulates to include custodial services, the Monetary Authority of Singapore (MAS) announced on Tuesday. The change in scope also includes cross-border money transfers even when the money is not accepted or received in the city-state, and the facilitation of the transmission of crypto between accounts
Cross-border payment experts said innocent money remitters in Singapore were likely caught up in increasingly common money laundering raids by Beijing that freeze Chinese accounts as part of their investigations. China has been stepping up its crackdown on money laundering activities by criminals such as scammers who use “money mules”, third party individuals or company