GSR Markets UK earns FCA approval, first dual FCA-MAS authorization, expanding regulated crypto services to OTC and programmatic trading for UK and global institutional clients

GSR Markets UK has secured a significant regulatory milestone, earning the Financial Conduct Authority’s (FCA) approval to operate as a licensed crypto asset business in the United Kingdom. This development marks a notable step in the company’s global expansion and regulatory alignment, underscoring its commitment to offering regulated crypto trading solutions to institutional and professional clients. With the FCA authorization now complemented by a parallel authorization from the Monetary Authority of Singapore (MAS), GSR Markets UK stands as a pioneering crypto liquidity provider with dual, cross-border regulatory recognition. The approval enables GSR Markets UK to broaden its service offerings, including over-the-counter (OTC) trading and programmatic execution trading, tailored to the needs of UK-based clients while maintaining rigorous compliance standards. As the market for regulated crypto trading grows—driven in part by Bitcoin’s ascent and renewed institutional interest—this licensing milestone positions GSR as a credible bridge between major financial hubs and the evolving digital asset ecosystem.

Regulatory Milestone: Dual Authorization and What It Means for GSR Markets UK

GSR Markets UK’s licensing achievement represents a landmark moment in the cross-border crypto regulatory landscape. Achieving regulatory authorization from the FCA establishes the firm as a compliant crypto asset business inside the UK, subject to the country’s vigilant standards for consumer protection, market integrity, and financial stability. Equally, the firm’s MAS approval signals its capacity to meet Singapore’s stringent regulatory expectations for digital asset service providers, reinforcing its ability to operate across Asia-Pacific financial centers. In practice, dual authorization means GSR Markets UK must maintain consistent compliance with the capital, governance, and reporting requirements characteristic of both jurisdictions, aligning operational practices with leading global standards. The combination of FCA and MAS oversight is particularly meaningful in a market where regulators are increasingly coordinating to improve safety, transparency, and resilience in crypto markets. Executives described the dual clearance as a strategic validation of GSR’s regulatory approach and risk management framework, highlighting the potential to deliver regulated services to institutional and professional clients on a global scale. By adhering to dual regulatory standards, GSR Markets UK demonstrates a long-term commitment to robust governance, comprehensive anti-money laundering (AML) controls, and rigorous know-your-customer (KYC) protocols that are essential for maintaining trust in regulated crypto markets. The company’s leadership emphasized that this dual approval is not merely a compliance badge but a strategic enabler for scalable international service delivery, enabling GSR to navigate varying regulatory environments with confidence. The FCA’s green light complements MAS’s licensing regime, creating a cohesive regulatory footprint that supports reliable trading infrastructure and safeguards for clients across two major financial jurisdictions.

Across the board, the dual authorization signals a high level of regulatory fidelity from GSR Markets UK. The FCA and MAS regimes each impose distinct but complementary expectations around licensing, capital adequacy, service governance, and operational risk controls. As part of this framework, the firm must implement and sustain transparent reporting, clear disclosures about trading practices, and rigorous monitoring of client activities. In practice, this means GSR Markets UK will operate with enhanced controls around execution quality, settlement processes, and client onboarding practices. The leadership team has indicated that these regulatory commitments will drive confidence among institutional participants who require auditable compliance and stable, regulated access to crypto liquidity. Importantly, the dual authorization sets a precedent in which the UK’s post-Brexit regulatory environment and Singapore’s highly regarded financial authority regime converge to support a higher standard of market integrity for crypto liquidity providers. The strategic takeaway is clear: GSR Markets UK is prepared to expand its footprint with the assurance that its regulated operations will meet the expectations of sophisticated investors seeking regulated exposure to digital assets and related trading strategies.

Service Expansion: OTC and Programmatic Trading for UK Clients

With regulatory clearance secured, GSR Markets UK is positioned to extend its services to meet growing demand for regulated crypto trading solutions in an increasingly safety-conscious market. The FCA approval authorizes the firm to offer over-the-counter (OTC) trading and programmatic execution services to UK clients through its FCA-registered entity. This capability is particularly relevant for sophisticated traders, hedge funds, family offices, and other institutional players seeking efficient, transparent, and compliant access to digital asset liquidity. In practical terms, OTC trading enables large-volume transactions to be executed with minimized market impact, while programmatic execution provides algorithm-driven access to liquidity through advanced order-routing strategies and automated trading workflows. The combination of OTC and programmatic services supports a broader spectrum of trading strategies, from bespoke liquidity provisioning to automated, scalable execution. The expansion aligns with a broader market trend in which professional investors are prioritizing regulated venues and counterparties that adhere to stringent governance and risk controls. GSR Markets UK’s approach is designed to deliver predictable execution, robust post-trade settlement processes, and comprehensive reporting that meets institutional expectations for oversight and auditability. The firm’s leadership emphasized that UK clients will benefit from direct access to a regulated platform capable of supporting complex trading needs in a dynamic, high-growth market. By offering regulated OTC and programmatic services, GSR aims to reduce counterparty risk, improve execution quality, and provide greater transparency around pricing, liquidity depth, and settlement timelines. As a result, UK clients can pursue sophisticated trading strategies with greater assurance that operations are conducted within a compliant, trusted framework.

The firm’s UK operations have been designed to leverage the strength of its global liquidity networks, ensuring that clients can access diverse sources of liquidity while remaining within a regulated environment. The FCA’s oversight provides additional comfort to clients who require rigorous counterparty due diligence, risk management, and governance standards. The company’s leadership noted that these capabilities will empower clients to navigate a market characterized by rapid technological change, evolving asset classes, and shifting liquidity conditions. The introduction of regulated OTC and programmatic trading services is expected to contribute to more efficient price discovery, tighter spreads during high-activity periods, and improved overall market quality. In addition, the move supports the UK market’s broader objective of cultivating a robust, compliant crypto ecosystem that can attract institutional capital while maintaining high levels of consumer protection. The expansion also reflects GSR Markets UK’s strategic intent to deliver a consistent, scalable service proposition that can be deployed globally, with the FCA-registered entity serving as a trusted hub for regulated trading activity across the firm’s broader international footprint.

Regulatory Context: UK and Singapore Crypto Regulation Landscape

The FCA’s ongoing regulatory efforts have continued to shape the trajectory of crypto markets in the United Kingdom, with policy initiatives aimed at improving market safety, transparency, and consumer protection. Even as authorities implement progressive regulatory measures, they have also enforced crackdowns in certain areas to deter non-compliant actors and protect investors. The reference to the UK’s prohibition of Pump.fun highlights a broader push to curb high-risk, potentially deceptive crypto activities and to establish clearer boundaries around what constitutes permissible crypto advertising and promotions. Against this backdrop, the UK regulatory environment remains focused on creating a framework in which legitimate digital asset businesses can operate with clear guidelines, stringent risk controls, and robust supervision. The MAS side of the picture presents Singapore as a leading hub for regulated financial services in Asia, with a licensing regime that emphasizes risk management, capital adequacy, and consumer protection in the digital asset space. The MAS’s major payment institution (MPI) license framework, under which GSR Markets received authorization, reflects Singapore’s intent to accommodate innovative payment services while maintaining strict controls to prevent financial crime and systemic risk. The interplay between UK and Singaporean regulation creates a compelling context for firms like GSR Markets UK that seek to serve clients across regions with consistent compliance standards. For market participants, dual-regulated providers offer a level of assurance that compliance protocols, governance, and risk management practices have been aligned with the expectations of two major financial jurisdictions. This alignment is particularly relevant for institutional clients that require formal due diligence and oversight to meet their own internal risk frameworks and regulatory obligations in multiple markets. The evolving regulatory landscape also signals to industry players that there is a recognized demand for regulated, professional-grade trading venues that can support complex strategies while adhering to best practices in market integrity and consumer protection.

In this evolving context, the market has observed growing interest from investors and operators in regulated crypto trading solutions that can provide greater transparency, standardized processes, and auditable controls. The FCA’s and MAS’s coordinated emphasis on regulatory clarity is aimed at creating an environment where regulated liquidity providers can operate with confidence, knowing they are governed by robust frameworks. For institutional clients, this translates into improved counterparty reliability, more predictable execution outcomes, and enhanced compliance reporting. For the broader crypto economy, the trend points toward a more sustainable growth path that prioritizes risk management, governance, and accountability. As GSR Markets UK progresses with its dual-licensing status, industry observers will closely monitor how the firm leverages regulatory alignment to expand its client base, increase liquidity access, and deliver scalable, compliant trading solutions across multiple jurisdictions.

Leadership Perspective: Strategic Outlook from GSR Markets UK

Xin Song, who serves as group CEO of GSR, discussed how the dual authorization would enable the firm to “confidently expand [its] services to institutional and professional clients globally.” His remarks reflect a strategic intent to leverage the dual-regulatory framework as a foundation for broader, cross-border service delivery. The leadership team envisions a long-term plan that integrates rigorous compliance with scalable technology and a client-centric approach to liquidity provision. By aligning its service offerings with the expectations of institutional markets, GSR aims to attract larger trading volumes, deepen liquidity partnerships, and expand the availability of regulated crypto trading solutions across multiple regions. The company’s top executives emphasized that the dual-tracking approach—operating under both FCA and MAS oversight—would enable more agile, globally accessible services that meet the needs of sophisticated clients while maintaining unwavering standards of governance and risk management. The leadership’s emphasis on global growth reflects a broader industry trend in which crypto liquidity providers seek to diversify their geographic footprint to capture opportunities arising from market development, regulatory clarity, and increasing institutional adoption of digital assets. The firm’s strategy is to combine regulatory legitimacy with a comprehensive suite of services, including OTC and programmatic trading, to meet the evolving demands of clients who require high-quality execution, transparent pricing, and reliable settlement processes. This perspective positions GSR Markets UK as a forward-looking player in the crypto liquidity space, capable of adjusting to shifting market conditions while preserving a commitment to compliance and client protection.

Jakob Palmstierna, the CEO of GSR Markets UK, highlighted that the dual authorization would “allow the company to better support its clients as they navigate the dynamic, rapidly growing market.” This sentiment underscores the conviction that a regulated, globally connected platform can help clients manage the complexities of a market characterized by rapid innovation, fluctuating liquidity, and evolving asset classes. Palmstierna’s remarks also point to a focus on strengthening client relationships by delivering consistent, high-quality execution and governance-managed services. The leadership’s strategic emphasis on growth is backed by tangible operational developments, including a robust UK footprint and a growing team, which collectively reinforce the organization’s capacity to serve a diversified client base that includes institutional participants seeking scalable, regulated access to digital asset liquidity. The company’s leadership has indicated that expanding UK operations is a central component of a broader strategy to support clients around the world, aligning with MAS’s regional presence and regulatory expectations while maintaining the FCA’s standards for market integrity and consumer protection. This cross-border strategy is indicative of the broader industry trend toward harmonized governance frameworks that can accommodate complex global trading needs without compromising regulatory compliance.

Operational Footprint: Workforce and Local Presence

GSR Markets UK has positioned itself as a major employer within the crypto-native sector in the United Kingdom, with a team size that the company has described as surpassing 120 employees across its UK operations. This workforce size—presenting the firm as one of the region’s largest crypto-native employers—reflects a substantial investment in local capabilities, talent development, and operational infrastructure. The scale of GSR’s UK team signals a commitment to sustained service levels, risk management, and client support that align with the demands of sophisticated institutional clients. A sizeable local presence also enhances the firm’s ability to engage with UK financial institutions, regulators, and business partners, facilitating smoother collaboration on compliance, onboarding, and ongoing governance processes. In practical terms, the UK-based staff contributes to enhanced execution, settlement operations, compliance monitoring, and client services that are essential to delivering a reliable, regulated trading experience. The expanded footprint supports GSR’s capacity to handle increasing volumes, manage complex OTC trades, and execute programmatic strategies with the efficiency and transparency that institutional clients expect. This investment in human capital also has broader implications for the local crypto economy, reinforcing the UK’s status as a growing center for regulated digital asset activity and contributing to the region’s talent pipeline in fintech and financial services.

Eva Sanchez, the firm’s chief legal officer, explained to industry press that the expansion will enable UK users to “access OTC trading and programmatic execution services” through the FCA-registered entity. Her comments underscore the practical outcomes of the licensing achievement: UK clients will benefit from direct access to the company’s regulated trading capabilities, paired with the governance and compliance standards demanded by the FCA. Sanchez’s perspective highlights the operational integration required to deliver a seamless client experience, including onboarding, risk controls, trade reporting, and post-trade processing. The combination of a substantial UK workforce and a regulated, legally compliant platform positions GSR Markets UK to support its clients through a period of rapid growth in the crypto space, while providing the assurances that come with regulated market participation. The team’s ability to sustain high levels of service quality across OTC and programmatic channels will be critical as more institutional participants seek reliable, compliant liquidity amidst evolving market conditions. This strategic emphasis on local capacity—paired with dual-regulatory legitimacy—also provides a framework for ongoing innovation in trading technologies, risk management, and client engagement that can endure beyond regulatory cycles and market fluctuations.

MAS MPI License: Background and Implications for GSR Markets

GSR Markets UK previously received its MAS MPI license on April 4, 2024, following an in-principle approval granted in October 2023. This regulatory milestone marked a pioneering development, as the MPI license was described as the first of its kind to be issued in Singapore, enabling the firm to offer multiple payment services and to surpass certain volume thresholds that apply to payment firms. The MPI designation allows exceeding the standard volume limits and service caps that govern smaller payment service providers, signaling Singapore’s openness to innovative financial service models within a controlled regulatory framework. The MPI license thus facilitates expanded payment service capabilities and capacity, enabling GSR Markets to participate in a broader array of payment-related activities within Singapore’s regulated payments landscape. The leadership emphasized that the MPI license not only broadens GSR’s service capabilities but also demonstrates the company’s ability to meet rigorous regulatory standards in a high-growth market. The combination of MAS MPI licensing with FCA authorization creates a robust bilateral regulatory endorsement of GSR Markets UK’s operations, reinforcing the firm’s capacity to operate across multiple jurisdictions with consistent governance and risk management practices. This cross-border regulatory alignment supports GSR’s ambition to provide regulated liquidity solutions to clients in both Europe and Asia, while maintaining adherence to the highest compliance standards required by two of the world’s leading financial authorities.

Under the MAS MPI regime, the firm gained permission to extend its payment services beyond typical limits, enabling more expansive transaction volumes and multi-service offerings for payment activities. Specifically, the MPI framework permitted increases beyond the SGD 3 million monthly volume limit and the SGD 6 million monthly threshold for multi-service payment activity, unlocking greater operational flexibility for the company’s digital asset and payment-related services. The MAS license thus serves as a key component of GSR Markets UK’s broader strategy to diversify its product suite and geographic reach, enabling it to serve clients with more sophisticated payment and liquidity needs in Singapore and the surrounding region. As the company integrates its MAS MPI capabilities with its FCA-registered operations in the UK, it can offer a more comprehensive set of services to clients who require cross-border liquidity provision, efficient settlement, and regulated execution across multiple jurisdictions. The MPI license, therefore, represents a significant enabler for scalable, cross-border growth that aligns with the firm’s vision of delivering regulated liquidity solutions to a global client base while complying with diverse regulatory regimes.

The broader implication of MAS’s MPI licensing for GSR is that it signals a recognition of the firm’s capacity to manage compliance, risk, and operational risk at a scale that supports complex payment and liquidity services. With both FCA and MAS oversight, GSR Markets UK’s operations are anchored in a governance framework designed to withstand rigorous regulatory scrutiny, which is particularly valuable for institutions conducting large, high-value transactions in volatile markets. The dual licensing model also serves as a model for other crypto-native businesses seeking to operate with regional regulatory legitimacy, illustrating how cross-border regulatory recognition can facilitate smoother expansion, enhance trust with institutional clients, and reduce friction in cross-border settlement and execution workflows. The practical outcome for clients is a more predictable, compliant service offering that can be accessed across two major financial centers, with clear expectations around risk controls, settlement timelines, and reporting. As GSR continues to navigate the regulatory landscape, the MAS MPI license remains a cornerstone of its ability to deliver regulated liquidity solutions that meet the demands of professional investors seeking stable, compliant trading environments.

Market Impact: Growth, Client Demand, and the Road Ahead

The FCA’s approval comes at a time when demand for regulated crypto trading solutions has grown substantially as market participants seek greater transparency, security, and regulatory assurance. Bitcoin’s significant price milestones and the entry of institutional capital into the crypto space throughout the year have contributed to heightened interest in regulated venues that can deliver compliant, auditable trading experiences. As more institutions recognize the value of regulated counterparts in the crypto market, providers like GSR Markets UK are positioned to capture an expanding share of institutional flows by offering trustworthy access to liquidity through licenced channels. The FCA’s endorsement reinforces the perception that regulated crypto businesses can operate at scale while adhering to rigorous standards designed to protect investors and maintain market integrity. For clients, this translates into enhanced confidence when engaging in large or sophisticated trades, as well as improved visibility into pricing, execution quality, and settlement processes associated with regulated venues. The combination of FCA licensing and MAS authorization provides an additional layer of cross-border credibility that can appeal to clients who require consistent governance across multiple jurisdictions.

From a market-building perspective, the establishment of dual-regulated providers helps strengthen the overall ecosystem by offering regulated access to liquidity in a trusted environment. This is particularly relevant for institutional traders who rely on robust risk controls, transparent reporting, and reliable post-trade processing. The framework supports a more orderly market structure by reducing information asymmetry and increasing the availability of high-quality liquidity across different trading venues. As GSR Markets UK expands its service offerings to UK clients, the firm is likely to contribute to improved price discovery and execution quality in the regulated segment of the crypto market. In addition, the firm’s commitment to staying compliant with both FCA and MAS standards is likely to attract counterparties who place a premium on regulatory alignment and operational resilience. The broader implication is that regulated liquidity providers can help transform crypto markets into more mature, institutionally friendly ecosystems that accommodate the needs of large-scale investors while preserving market integrity and consumer protections.

With a workforce of more than 120 employees in the United Kingdom, GSR Markets UK’s operations also have a meaningful impact on the local economy and the crypto talent landscape. The company’s sizable footprint signals a sustained commitment to local job creation, skill development, and knowledge transfer within fintech and financial services sectors. This level of employment supports the UK’s regional competitiveness in crypto and digital asset services, reinforcing the country’s position as a hub for regulated crypto activity. The presence of a large, regulated crypto liquidity provider can also contribute to local innovation ecosystems, enabling collaboration with financial institutions, technology partners, and regulatory bodies to refine best practices in governance, security, and operational resilience. For the broader market, GSR’s growth and regulatory alignment may spur other firms to pursue similar dual-regulatory strategies, potentially elevating industry standards and raising expectations for governance and risk management across crypto liquidity providers. The net effect is a more stable, scalable, and compliant market infrastructure that can sustain rising volumes and increasingly complex trading strategies as the digital asset economy continues to mature.

Practical Implications for UK Clients and Global Reach

UK institutional and professional clients stand to benefit from direct access to GSR Markets UK’s regulated OTC and programmatic trading services through an FCA-registered entity. The integration of UK regulatory oversight with MAS’s framework provides a robust compliance backbone that supports complex trading workflows, including large-amount transactions that require careful price discovery and minimal market impact. Clients can expect enhanced due diligence, standardized reporting, and stronger risk controls that align with institutional governance requirements. The UK services will be supported by a sizable local team, enabling more efficient client onboarding, training, and ongoing client support in line with regulatory expectations. The globally connected nature of GSR Markets UK, backed by its MAS MPI license in Singapore and dual authority in both the UK and Singapore, also positions the firm to facilitate cross-border liquidity movements for clients with regional trading needs. This structure helps ensure that clients can access a consistent set of services across jurisdictions, with the same commitment to compliance, execution quality, and post-trade processing across markets. In practice, the dual-regulated platform is designed to provide clients with predictable performance, reduced settlement risk, and transparent pricing, all of which are critical factors for institutional counterparties evaluating liquidity providers in a rapidly evolving market.

From a strategic standpoint, the dual-regulatory framework supports GSR’s ambition to deliver regulated liquidity solutions on a global scale. The company’s leadership has signaled an intention to leverage the FCA and MAS approvals to attract a broader client base and to deepen liquidity partnerships with global financial institutions. This approach is consistent with a market trend toward consolidated, regulated venues that can deliver high-quality execution, robust risk oversight, and clear, auditable reporting to clients and counterparties. As the crypto market continues to evolve, the value proposition of regulated liquidity providers like GSR Markets UK lies in their ability to combine advanced trading technologies with a strong compliance culture and a proven track record of prudent risk management. The company’s ongoing expansion into the UK and its broader regional strategy will likely set a benchmark for how crypto liquidity providers can operate within highly regulated environments while offering tailored services to meet the needs of institutional clients.

Conclusion

GSR Markets UK has achieved a pivotal regulatory breakthrough by securing FCA authorization to operate as a licensed crypto asset business in the United Kingdom, establishing a dual regulatory footprint with MAS authorization in Singapore. This dual clearance positions the company as a premier crypto liquidity provider capable of offering regulated OTC and programmatic trading services to UK clients, while benefiting from MAS-supported capabilities and cross-border growth opportunities. The dual-regulatory status underscores GSR’s commitment to governance, risk management, and compliance, supporting institutional confidence and market integrity as the crypto space continues to attract regulated capital. The expansion aligns with an industry-wide shift toward regulated, transparent, and scalable crypto trading platforms that can meet the needs of sophisticated investors across multiple jurisdictions. With a substantial UK workforce, a strong global liquidity network, and a structured plan to extend regulated services to institutional clients, GSR Markets UK is well-positioned to contribute to the growth and maturation of the regulated crypto liquidity landscape, both in the United Kingdom and beyond. As the market evolves, the firm’s dual-authorization framework may serve as a model for other players seeking to harmonize compliance across major financial centers, delivering safer, more reliable access to the evolving digital asset economy.