ChainCatcher news, according to The Block, GSR Markets, the Singapore subsidiary of crypto market maker GSR, has received in-principle approval for the Major Payment Institution License issued by the Monetary Authority of Singapore.

According to a statement, this will help GSR deepen its roots in the Singapore market and see it as a hub for investing in and driving the adoption of web3 technology in Singapore. GSR said it is proud to meet MAS's admission requirements and is working towards obtaining a full license in Singapore.