GSR Gains UK FCA Approval, Becomes First Crypto Liquidity Provider With Dual FCA–MAS Authorization, Expands UK OTC and Programmatic Trading

GSR Markets UK has secured regulatory approval from the United Kingdom’s Financial Conduct Authority, allowing it to operate as a licensed crypto asset business. This milestone positions the firm at the forefront of regulated crypto liquidity provision, signaling a deeper integration with established financial guardrails while expanding its capability to serve institutional and professional clients. The move follows a broader industry trend toward formalized oversight as crypto markets mature and institutional interest intensifies. For GSR, the FCA authorization unlocks new avenues for growth in the UK market and reinforces its cross-border framework with Singapore’s MAS, underscoring a synchronized approach to compliance, risk management, and client service.

Dual regulatory milestone and global implications

The regulatory landscape for crypto liquidity providers has steadily evolved as authorities seek greater market safety and transparency. In this context, GSR Markets UK’s approval marks a distinctive achievement: the company has become the first crypto liquidity provider to hold dual regulatory authorization from both the UK’s FCA and Singapore’s MAS. This dual licensure reflects a deliberate strategy to align operations with premier financial markets, enhancing confidence among investors, institutions, and professional traders who require rigorous compliance precedents and well-defined governance standards.

This dual authorization extends beyond mere credentialing. It signals that GSR can operate across two of the world’s most influential crypto and financial hubs with a coherent, centralized compliance framework. In practical terms, the FCA registration, when paired with the MAS MPI framework already in place, enables GSR Markets UK to offer a broader spectrum of regulated services with less friction for cross-border activity. The combined regulatory footprint helps reduce complexity for institutional clients who seek consistent standards when engaging with counterparties that operate globally. The market impact is notable: clients gain access to vetted, regulated liquidity and execution services that are designed to meet stringent institutional requirements for risk controls, anti-money laundering, and client protections.

This milestone also reinforces the strategic value of cross-jurisdictional licensing. With MAS’s MPI regime already underpinning GSR’s Singaporean operations, the UK authorization creates a bridge for clients who require seamless access to liquidity across Europe and Asia-Pacific. The capability to navigate both regulatory regimes under a single corporate umbrella can translate into more efficient onboarding, streamlined compliance checks, and faster settlement cycles for large orders in liquid crypto markets. The broader implication is a reinforced narrative that regulated crypto providers can deliver advanced execution infrastructure while maintaining robust governance, safeguarding assets, and upholding market integrity.

Leadership comments highlight the perceived growth potential that comes with dual-regulatory legitimacy. The firm’s leadership suggests that this endorsement enables a confident expansion of services to institutional and professional clients on a global scale. The cross-border dimension is particularly relevant as market participants increasingly value providers with proven, harmonized compliance practices that align with international securities-type standards. In short, the dual authorization elevates GSR’s standing among regulated market participants and lays the groundwork for more comprehensive service offerings that are anchored in compliance-first principles.

Beyond compliance, the development is a signal of how crypto liquidity ecosystems are evolving. As regulated venues and counterparties become more prevalent, liquidity providers like GSR Markets UK are expected to contribute to safer, more transparent markets. This, in turn, can help attract a broader class of participants, including asset managers, hedge funds, family offices, and corporate treasuries seeking regulated crypto exposure with sophisticated execution capabilities. The UK’s regulatory stance—while actively pursuing enforcement against questionable activities—also emphasizes the potential for a mature crypto market where compliance and innovation coexist. In this environment, GSR’s dual authorization acts as a proof point that regulated, globally oriented liquidity providers can support growing demand while maintaining strict risk governance.

From a market dynamics perspective, the FCA’s green light arrives at a moment when appetite for regulated crypto trading solutions has surged. The backdrop includes Bitcoin’s ascent toward notable milestones and a sustained flow of institutional capital entering crypto markets throughout the year. This climate creates favorable conditions for sophisticated execution strategies, including over-the-counter (OTC) offerings and programmatic trading, which require trusted, regulated platforms to manage large, cross-border workflows. The strategic alignment of UK and Singaporean regulatory regimes further strengthens GSR’s ability to respond to evolving client needs in a way that prioritizes safety, transparency, and operational resilience.

In summary, the dual regulatory milestone underscores a shift toward integrated, cross-border regulatory architectures for crypto liquidity providers. It illustrates how leading firms are leveraging licenses across major jurisdictions to deliver expanded, compliant services to a global client base. The milestone also reinforces the UK’s and Singapore’s roles as essential corridors for crypto market development, particularly as institutions seek regulated, scalable liquidity solutions to facilitate sophisticated trading strategies and asset allocation. GSR Markets UK’s achievement thus stands as a landmark event with far-reaching implications for market access, regulatory alignment, and the broader credibility of regulated crypto markets.

Service expansion and client impact

With the FCA approval in place, GSR Markets UK is positioned to expand its service catalogue to better meet the needs of a growing cohort of regulated and compliant crypto traders. The newly authorized entity will enable the firm to offer a fuller range of execution services to UK-based clients, including OTC trading and programmatic execution—two core delivery channels that are increasingly in demand among institutions and professional traders who require speed, price discovery, and risk controls that align with traditional financial markets.

The addition of OTC trading capabilities provides clients with bespoke, bilateral liquidity and settlement arrangements. OTC services are particularly attractive to institutions managing large order flow and seeking to minimize market impact. By enabling direct, negotiated trades with the firm’s liquidity pools, GSR can tailor pricing, optimize execution quality, and preserve anonymity where clients value it. The programmatic execution layer, on the other hand, integrates with automated trading strategies, enabling clients to access liquidity through algorithmic pathways that balance speed, efficiency, and cost. This combination broadens the practical toolkit available to UK clients, allowing for more nuanced execution approaches across different market conditions.

From a client-centric perspective, the FCA-registered entity is a credible gateway for access to regulated crypto trading solutions. The evolving market landscape shows industry stakeholders increasingly prioritizing platforms that demonstrate strong regulatory alignment, robust risk controls, and transparent governance. For UK users, this means a higher level of confidence when engaging in regulated crypto activity, knowing that execution, settlement, and compliance processes are aligned with recognized standards. The expansion is also timely for clients who require cross-border capabilities; with the MAS MPI license still underpinning the broader GSR ecosystem, UK clients can benefit from a seamless interface to Asian liquidity venues and payment capabilities where allowed under applicable regimes.

GSR Markets UK’s scale is notable in the context of regional hiring and presence. The company reports a global footprint with more than 120 employees in the United Kingdom, positioning itself as one of the largest crypto-native employers in the region. This workforce strength is a core attribute that supports sophisticated client service, technical operations, risk management, compliance, and sales enablement. The expanded UK operation aims to provide enhanced support for institutional and professional clients, ensuring that users have access to robust, regulated services that meet the demands of sophisticated trading desks, asset managers, and corporate treasury teams.

From a strategic angle, Eva Sanchez, the chief legal officer of GSR, indicates that the UK market represents a meaningful growth opportunity for the company. This outlook aligns with a broader market trend in which regulated environments are increasingly seen as enabling more advanced crypto activities. Sanchez’s perspective emphasizes that the UK’s evolving regulatory landscape creates a fertile ground for responsible expansion, allowing GSR to scale its services while maintaining rigorous compliance standards. The narrative of growth is reinforced by leaders who view the UK as a global hub where regulated liquidity and advanced trading execution can thrive in parallel with evolving market expectations.

Jakob Palmstierna, the CEO of GSR Markets UK, stresses that dual authorization will empower the firm to more confidently extend its services to institutional buyers and professional clients not only in the UK but across the globe. This forward-looking stance underscores a belief in scalable, compliant liquidity as a global imperative for professional trading communities. Palmstierna’s comments reflect a strategic emphasis on serving clients as they navigate a dynamic, rapidly expanding market where regulatory clarity and robust execution infrastructure are critical for success. The leadership emphasis on global client service signals an intent to bridge regional markets through a unified, regulated platform capable of supporting complex trading strategies and liquidity management across borders.

The service expansion is anticipated to unlock several near-term capabilities for UK users. Eva Sanchez has noted that clients will gain access to OTC trading and programmatic execution services through the FCA-registered entity, enabling a more comprehensive and regulated trading experience within the UK market. This broader service mix aligns with demand from professional traders and institutions who require flexible access to liquidity across multiple venues while preserving compliance rigor. The new permissions also support the introduction of sophisticated risk controls, governance mechanisms, and audit trails consistent with regulated financial markets, ultimately contributing to a safer, more predictable trading environment for clients.

In the broader context of market evolution, the FCA’s approval aligns with ongoing industry dynamics: a trend toward regulated crypto services that can coexist with innovative trading technologies. As clients increasingly demand transparency and reliability in a rapidly changing market, GSR Markets UK’s expanded services address those expectations by combining regulated execution channels with access to high-quality liquidity. The emphasis on programmatic and OTC capabilities also reflects a recognition that modern crypto markets require hybrid execution models to meet diverse trading strategies, time horizons, and risk appetites. The firm’s expanded UK operation thus positions it to support a broad spectrum of clients—from hedge funds and asset managers to proprietary trading groups and endowment portfolios—while maintaining the governance, risk management, and compliance standards expected in traditional finance.

MAS MPI license background and implications

GSR Markets received its full major payment institution (MPI) license from the Monetary Authority of Singapore (MAS) on April 4, 2024, following an in-principle approval issued in October 2023. This milestone marked the culmination of a regulatory process that allowed the firm to expand its payment services repertoire and exceed certain volume constraints that previously limited crypto-related payment activities. The MPI license was described by leadership as a groundbreaking achievement, signaling Singapore’s recognition of GSR as a capable operator able to conduct multiple payment services while maintaining a scalable framework for growth.

The MPI license’s significance lies in the expanded operational latitude it grants. Specifically, it enables GSR Markets to surpass the preexisting volume thresholds that were a constraint for payment service providers. This includes lifting the cap on transaction volumes and enabling more extensive use of multi-service payment capabilities within Singapore’s regulatory framework. The license thus supports a broader scope of payment service operations, empowering GSR to handle higher transaction throughput and more complex payment workflows for clients in the MAS-regulated environment.

The prelude to the MPI license—an in-principle approval in October 2023—signaled Singapore’s openness to innovative fintech institutions that straddle the realms of crypto services and traditional payment solutions. When the MPI framework was introduced, it was positioned as a unique regulatory pathway enabling firms to operate across multiple payment service domains, facilitating smoother cross-border flows and more versatile payment offerings. With the full MPI license granted in April 2024, GSR Markets demonstrated that its business model could meet MAS’s stringent supervisory expectations for risk controls, operational resilience, and customer protection.

This licensing achievement underscores GSR’s commitment to operating within high-standard financial ecosystems. The MPI license complements the FCA authorization by embedding Singapore’s regulatory standards into GSR’s unified cross-border program. The combined regulatory architecture helps position GSR as a credible bridge between the UK, Singapore, and potentially other international markets, enabling regulated liquidity provision, OTC and programmatic trading capabilities, as well as a spectrum of payment services that are essential to efficient market functioning. For market participants, the MPI license adds a level of assurance that GSR adheres to robust processes for anti-money laundering, fraud prevention, data protection, and risk governance—elements that are increasingly critical for institutions contemplating active involvement in regulated crypto markets.

The MAS MPI license also represented a milestone for GSR in terms of market access in Asia-Pacific. It opens opportunities to serve a broader pool of clients—ranging from financial institutions to fintechs—that require integrated payment services and regulated crypto execution. This cross-regional capability supports the firm’s broader strategy to deliver liquidity, execution, and payment services in a compliant, scalable manner. As regulatory regimes continue to mature across multiple jurisdictions, the MPI license reinforces GSR’s stance as a globally oriented liquidity provider with a robust compliance infrastructure, capable of supporting complex transaction flows in regulated environments.

The combination of FCA licensing in the UK and MPI licensing in Singapore creates a complementary regulatory ecosystem for GSR Markets. It enables the company to deliver regulated services that align with the expectations of major financial centers while accelerating its ability to meet the demands of professional traders, asset managers, and corporate treasuries. The MPI license’s expansion of service capacity, in particular, is poised to enhance GSR’s ability to support high-volume payments and multi-service operations in Singapore, contributing to more efficient cross-border liquidity provisioning and settlement workflows. Taken together, the FCA and MAS regulatory approvals reinforce GSR’s strategic position as a trusted, globally integrated provider of regulated crypto liquidity and payment services.

Market context and regulatory landscape

The regulatory context for crypto markets has grown increasingly sophisticated as authorities seek to balance innovation with consumer protection and market integrity. The FCA’s ongoing engagement with the crypto sector, including recent enforcement actions and policy shifts, illustrates a willingness to push for progressive regulation that can enhance transparency and safety for consumers. The effort to establish clearer rules and supervisory frameworks is designed to foster more credible market participation and to deter illicit activity, while creating an environment where regulated, compliant firms can flourish.

Within this environment, the UK market has seen a mix of crackdowns and forward-looking regulatory initiatives. The ban on certain crypto advertising and promotional activities, such as specific high-risk campaigns, underscores the authorities’ commitment to curbing misleading or unsafe marketing practices. At the same time, the broader regulatory push aims to support legitimate operations by standardizing disclosures, strengthening consumer protections, and ensuring that firms meet robust capital, risk management, and governance standards. For market participants, this dual approach creates both challenges and opportunities: firms must invest in compliance, governance, and transparency, while the market gains a more trusted ecosystem that can attract long-term capital and sophisticated trading activity.

The global crypto landscape has continued to evolve, with regulatory developments in Asia, Europe, and North America reinforcing a trend toward formal recognition of crypto assets as part of the broader financial system. The growing demand for regulated trading solutions reflects the industry’s maturation, as institutions seek counterparties that can deliver reliable execution, clear settlement, and risk controls in a regulated framework. Against this backdrop, GSR Markets UK’s FCA approval aligns with a broader movement toward professionalizing crypto liquidity provision, which in turn supports the needs of asset managers, hedge funds, and other professional market participants seeking scalable, compliant access to liquidity.

Market demand has also been influenced by macro milestones in the crypto space. The narrative around institutional adoption has gained momentum as major players explore crypto exposure within diversified portfolios. The timing of this regulatory milestone coincides with a period of heightened interest in regulated crypto markets, as investors weigh the potential for long-term value creation alongside risk management considerations. Within the UK, the decision to pursue and secure licensure signals a commitment to developing a regulated, transparent, and resilient market that can accommodate sophisticated trading strategies and liquidity demands.

Additionally, the cross-border regulatory framework connecting the UK and Singapore offers a compelling blueprint for other markets aiming to harmonize standards in crypto liquidity, payments, and execution. The synergy between FCA oversight and MAS governance demonstrates how parallel regulatory regimes can support global platforms that operate across multiple jurisdictions, providing consistency in risk controls, reporting, and governance practices. For market participants, this means greater clarity around how compliance obligations are satisfied, how conflicts of interest are managed, and how client protections are maintained across borders.

In essence, the regulatory landscape is gradually transforming from a fragmented, ad hoc environment into a more unified, risk-aware ecosystem. GSR Markets UK’s dual-authorization achievement is a tangible manifestation of this transformation, illustrating how regulated players can scale cross-border liquidity provision while maintaining the high standards demanded by modern financial markets. As other firms navigate licensing processes and seek to expand to regulated venues, the FCA-MAS framework demonstrated through GSR’s progress offers a meaningful reference point for how to reconcile innovation with prudent supervision. The result is a market environment where regulated crypto liquidity is more accessible, accountable, and resilient—qualities that are increasingly essential to support professional trading activities, institutional capital, and the evolving needs of a maturing crypto economy.

Leadership perspectives and company outlook

GSR’s leadership emphasizes that the FCA and MAS approvals collectively reinforce the firm’s ability to serve a broader, more demanding client base. The dual regulatory endorsement is framed as a strategic enabler for expanding reach to institutional and professional clients across geographies, while maintaining a unified standard of compliance and risk management. The executive team views the licenses as a foundation for sustainable growth, allowing the company to offer a wider array of regulated services while remaining anchored in a governance framework that supports long-term resilience.

The chief legal officer, Eva Sanchez, has articulated a forward-looking view on the UK market’s growth potential. Her commentary highlights the anticipated expansion of the firm’s offerings to meet increasing demand for regulated crypto solutions in the United Kingdom. Sanchez’s remarks reflect confidence that the UK crypto market will continue to mature, creating opportunities for firms with robust compliance programs and execution capabilities. Her insight underscores a belief that regulatory clarity and market safety are essential drivers of sustainable expansion in crypto markets.

Xin Song, GSR’s group chief executive, has echoed a similar sentiment, underscoring that the dual approvals enable the firm to extend its services with greater confidence to institutional and professional clients on a global scale. Song’s perspective emphasizes the strategic value of combining two robust regulatory regimes to support a scalable business model. The emphasis on global expansion signals an ambition to integrate UK and Singapore operations into a seamless cross-border service offering that can accommodate complex client requirements, including large-volume trades, bespoke liquidity arrangements, and regulated payment services.

Jakob Palmstierna, CEO of GSR Markets UK, has highlighted that the regulatory milestone will enhance the company’s ability to support clients as they navigate a dynamic, rapidly growing market. Palmstierna’s remarks reflect a client-centric focus on reliable access to liquidity and execution, particularly for institutional desks that rely on precision timing and rigorous risk controls. The leadership team’s messages collectively frame the expansion as a strategic evolution designed to deliver high-quality, regulated liquidity while preserving the agility and innovation that characterize crypto markets.

The UK operation’s scale, with more than 120 employees, reinforces the company’s status as a significant crypto-native employer in the region. This workforce is instrumental in delivering a broad suite of services, from compliance and risk management to technology, sales, and client support. The depth of local expertise supports a more resilient operation that can respond to evolving regulatory expectations and changing market conditions. The leadership emphasizes that the combination of regulatory legitimacy, a strong compliance culture, and a robust execution platform will enable GSR to serve a wider spectrum of clients with consistent service levels.

Looking ahead, the leadership envisions continued expansion of UK services to meet the needs of institutional clients seeking regulated liquidity and sophisticated execution capabilities. The company’s strategy includes leveraging the MAS MPI license to support cross-border operations, enabling UK-based clients to access Singaporean liquidity and payment services where appropriate and permissible. The cross-border approach is designed to unlock efficiencies in liquidity provisioning, pricing, and settlement, while maintaining strict adherence to regulatory standards in both jurisdictions. The overarching objective is to deliver a reliable, compliant, and scalable trading ecosystem that can accommodate evolving client requirements across global markets.

Global footprint, strategic positioning, and workforce momentum

The FCA approval strengthens GSR Markets UK’s role within a broader, globally distributed network of operations. By aligning UK activities with MAS standards, the firm reinforces a transatlantic, cross-jurisdictional model that emphasizes liquidity provision, risk management, and client protection at the core of its business. This strategic placement makes GSR a compelling counterparty for institutional traders seeking a regulated, high-quality liquidity partner with a proven track record in navigating complex cross-border workflows.

GSR’s Singaporean frame—anchored by the MPI license—continues to be a central pillar of its global operations. The combination of UK regulatory clearance and MAS licensing complements the company’s capability to deliver regulated crypto payments, OTC and programmatic trading, and other payment services across multiple jurisdictions. For clients, this means greater compatibility of service lines, more consistent governance, and fewer regulatory frictions when executing cross-border strategies. For the firm, the dual-regulatory posture supports deeper market penetration, enabling scalable growth in key markets while preserving the integrity of its operational and compliance ecosystems.

From an employer and regional development perspective, the UK’s 120-plus workforce contributes to the region’s standing as a major hub for crypto-native employment. The size and specialization of the team reflect a robust talent base capable of supporting advanced trading technology, regulatory reporting, risk analytics, operational risk controls, and client service excellence. The ongoing expansion signals a durable commitment to the United Kingdom’s crypto ecosystem, which has benefited from a favorable stance toward innovation and a growing emphasis on consumer protection and market integrity. As regulatory expectations continue to evolve, GSR’s local footprint is well positioned to attract skilled professionals who want to contribute to a regulated crypto market that combines liquidity, technology, and compliance at scale.

In the broader market context, GSR’s dual-licensing achievement contributes to a growing confidence among institutional participants that regulated crypto liquidity providers can deliver sophisticated capabilities without compromising compliance. The company’s leadership repeatedly emphasizes a strategic focus on delivering high-caliber execution, reliable liquidity, and transparent operational processes. This alignment with institutional expectations supports the longer-term objective of integrating regulated crypto services within traditional financial workflows, thereby enabling investors to manage crypto exposure with the same level of discipline applied to other asset classes.

The expansive regulatory foundation is likely to influence how other firms pursue cross-border licensing and how exchanges, brokers, and liquidity providers structure their operations. As firms seek to align with best practices in governance, risk management, and regulatory compliance, GSR’s approach offers a model for building global platforms that balance innovation with precaution. The combined effect on the market is a gradual shift toward more mature, dependable crypto liquidity ecosystems that can withstand scrutiny under evolving regulatory regimes while remaining responsive to client needs and market dynamics.

Conclusion

GSR Markets UK’s regulator-verified status marks a pivotal moment in the maturation of crypto liquidity provision. By earning FCA authorization and achieving dual-regulatory alignment with MAS, the firm embeds itself in a framework designed to support institutional-grade execution, cross-border liquidity, and scalable payment services. This development strengthens the UK’s role as a strategic hub for regulated crypto activity, complements Singapore’s forward-looking regulatory stance, and signals a broader trend toward integrated, compliant crypto infrastructure capable of meeting demand from professional traders, asset managers, and corporate treasuries. The company’s leadership perspectives—highlighting growth potential, global expansion, and a commitment to risk-aware governance—underscore a long-term vision that marries innovation with the discipline of regulated markets. As the crypto sector continues to evolve, GSR Markets UK stands as a prominent example of how regulated, globally connected liquidity providers can contribute to safer, more efficient, and more scalable market ecosystems.