GSR Markets UK Wins FCA Approval, Becomes First Crypto Liquidity Provider With Dual FCA and MAS Authorization, Expands Regulated OTC and Programmatic Trading

GSR Markets UK has achieved a landmark regulatory milestone, receiving approval from the United Kingdom’s Financial Conduct Authority to operate as a licensed crypto asset business, a development that positions the firm at the forefront of regulated crypto liquidity provision in Britain. This clearance marks a significant step in the company’s global strategy, enabling deeper engagement with UK-based institutions and private clients while reinforcing its cross-border capabilities through Singapore’s MAS framework. The consequence is a reinforced bridge between regulated market access in the UK and the Singaporean licensing environment, signaling a new era of cross-jurisdictional crypto liquidity services.

Regulatory milestone and implications

GSR Markets UK has secured the FCA’s green light to operate as a licensed crypto asset business in the United Kingdom, a designation that carries substantial implications for the firm’s governance, risk controls, and client onboarding practices. This regulatory milestone is amplified by the fact that GSR is now recognized as the first crypto liquidity provider to achieve dual regulatory authorization from both the FCA and the Monetary Authority of Singapore (MAS). The dual authorization status confirms that GSR Markets UK adheres to stringent, cross-border standards designed to ensure market integrity, consumer protection, and robust anti-money laundering (AML) procedures across its operations.

The FCA’s approval is not simply a token acknowledgment; it embodies compliance with comprehensive UK regulatory requirements that govern crypto asset trading, client protections, capital adequacy, governance practices, and ongoing reporting obligations. For the MAS, the earlier MPI license conferred a parallel set of regulatory expectations, centered on the ability to offer payment services with appropriate controls and risk management, and to operate within Singapore’s licensed financial services ecosystem. The combination of these two regulatory regimes creates a framework in which GSR Markets UK can operate with a higher degree of operational certainty in both jurisdictions. This status is particularly meaningful in light of ongoing policy discussions in the crypto space, as the UK continues to refine its approach to regulated crypto trading and market safety.

The dual regulatory authorization is expected to affect several core areas of the firm’s operations. First, risk governance and compliance programs are now calibrated to meet both UK and Singaporean standards, fostering more rigorous internal controls and independent risk assessment processes. Second, regulatory reporting obligations become more comprehensive, with cross-border coordination to ensure timely and accurate disclosures across jurisdictions. Third, the dual framework supports enhanced due diligence on counterparties and clients, including robust KYC (know-your-customer) and AML checks designed to deter illicit activity while protecting legitimate market participants. Finally, the broader market implications include greater regulatory legitimacy for crypto liquidity providers and the potential for UK-based institutions to access more regulated, transparent crypto trading solutions.

This regulatory milestone also has strategic significance for the UK’s crypto ecosystem. By achieving dual authorization with MAS, GSR Markets UK demonstrates a proven model of cross-border regulatory alignment that could encourage other global crypto firms to pursue similar dual-licensing pathways. The move reinforces the UK’s commitment to creating a safe and transparent trading environment that can attract institutional capital and professional traders seeking regulated venues for crypto liquidity provision and execution. In this context, the approval serves as a signal to the market that regulated players can operate at scale while meeting high standards of compliance, governance, and consumer protection.

The practical outcomes of this milestone extend to product and service design as well. With FCA approval, GSR Markets UK is positioned to tailor its offerings to meet the needs of UK clients seeking regulated crypto liquidity solutions. The dual regulatory backdrop supports the introduction and expansion of services that require formal licensing, ensuring that product features, pricing, and settlement mechanisms align with established regulatory expectations. In short, the FCA’s authorization, in concert with MAS’s MPI framework, creates a stable platform for GSR to grow its client base, expand its service footprint, and deepen its operational capabilities in both jurisdictions.

Strategic expansion and services

The FCA’s authorization unlocks a broader range of services that GSR Markets UK can offer to UK clients, including enhanced access to over-the-counter (OTC) trading and programmatic execution services. OTC trading, a cornerstone of institutional and professional engagement in crypto markets, allows clients to execute large orders with minimal market impact, leveraging GSR’s liquidity pools and pricing sophistication. Programmatic execution, which involves algorithmic trading and automated order routing, enables institutional traders and sophisticated entities to optimize execution quality, latency, and price discovery. By expanding into these core liquidity services under FCA oversight, GSR Markets UK stands to become a pivotal conduit for regulated crypto liquidity in the UK market.

Eva Sanchez, GSR’s chief legal officer, emphasized the growth potential of the UK crypto market, underscoring the regulatory path as a catalyst for broader adoption among institutional and retail participants alike. Sanchez’s remarks reflect a strategic belief that a well-regulated landscape can support scalable growth, reduce counterparty risk, and foster trust among counterparties who previously faced regulatory uncertainty. The FCA’s approval aligns with a broader industry trend toward standardized, compliant trading environments that prioritize safety, transparency, and operational resilience. In practice, this means UK clients will gain access to regulated venues where liquidity, risk controls, and governance practices meet stringent standards, promoting more confident participation from institutions that have historically been cautious about crypto exposures.

The GSR executive leadership sees dual authorization not only as a regulatory badge but as a strategic enabler of global client service. Xin Song, GSR’s group CEO, highlighted that the dual approval will empower the firm to confidently expand its services to institutional and professional clients on a worldwide basis. This global expansion vision signals an intent to extend the UK-regulated service model to a broader international client base, leveraging MAS’s MPI licensing framework as a complementary pillar to the FCA’s regulatory regime. The resulting cross-border capability is expected to smooth the delivery of regulated liquidity and execution services to professional traders, asset managers, family offices, and other sophisticated market participants who require high standards of compliance and operational reliability.

From an operational perspective, the dual authorization translates into a harmonized compliance posture. GSR Markets UK’s operations now navigate a landscape where UK-based regulatory expectations and Singaporean standards converge, allowing for a consistent approach to risk management, client onboarding, trade surveillance, and reporting. This alignment reduces the complexity typically associated with cross-border crypto activity and supports more predictable regulatory engagement for counterparties, auditors, and regulators. The net effect is a more resilient platform capable of meeting the demands of regulated markets while maintaining the flexibility to serve a diverse, global client base.

The dual-licensing framework also anchors GSR Markets UK’s product roadmap in a sound regulatory reality. As demand for regulated, compliant crypto trading solutions grows, the firm’s ability to offer regulated OTC and programmatic trading tools positions it to capture a larger share of institutional order flow, particularly from clients seeking vetted, compliant liquidity providers. In turn, this fosters a virtuous cycle: regulatory clarity attracts institutional clients, who demand high standards in execution and settlement, which in turn reinforces the firm’s commitment to compliance and risk management. The result is a more robust market ecosystem where liquidity providers, brokers, and clients share a common expectation of safety, transparency, and performance.

In terms of market architecture, GSR Markets UK’s dual-authorization status reinforces the resilience of its cross-border settlement and clearing arrangements. While UK and Singapore-based operations can be viewed as distinct lanes under separate regulatory umbrellas, the dual license status fosters interoperability, ensuring that trade reporting, transaction surveillance, and settlement processes adhere to shared principles of risk controls and data integrity. As institutions increasingly seek cross-border liquidity and execution capabilities, the ability to operate under two robust regulatory regimes can be a meaningful differentiator, enabling smoother onboarding for global clients and facilitating more predictable and stable trading activity across borders.

GSR Markets UK’s milestone also signals potential implications for pricing, liquidity sourcing, and client segmentation. With access to UK-regulated liquidity venues and Singaporean payment capabilities, the firm can optimize its liquidity provisioning strategies to align with client preferences and regulatory expectations. This may translate into more competitive spreads, improved latency, and more efficient routing for large orders, all while maintaining strong compliance standards. In a market environment where institutional traders prioritize reliability and safety, the combination of FCA and MAS oversight stands to strengthen the appeal of GSR’s liquidity offerings to a wide spectrum of clients, from asset managers to hedge funds, family offices, and pro traders.

Operationally, the UK’s regulatory environment requires strict governance, reporting, and conduct standards. As GSR Markets UK expands, the company will continue to align its internal controls, risk frameworks, and compliance programs with evolving regulatory expectations. The firm’s leadership has indicated a commitment to supporting UK and international clients with regulated crypto liquidity services that meet institutional-grade requirements. The FCA and MAS dual authorization should facilitate smoother onboarding, more transparent execution, and greater confidence among market participants who demand rigorous compliance. This is particularly important as regulated crypto trading solutions gain traction amid a broader shift toward mainstream adoption and institutional involvement in digital asset markets.

Market demand and context

The FCA’s approval comes at a moment when demand for regulated crypto trading solutions has intensified, a dynamic that has accelerated since Bitcoin exceeded notable price milestones and institutional investment increased its market footprint during 2024 and into the current year. The regulatory endorsement by the FCA reframes the risk-reward equation for market participants, offering access to a compliant, oversight-driven platform that can support complex trading strategies while maintaining strong consumer protections. In this environment, institutions that require regulated access to crypto liquidity can more confidently enter or expand their exposure to digital assets, knowing that the platform adheres to established standards.

UK market participants have increasingly sought regulated venues that provide robust liquidity, reliable execution, and clear governance. The FCA’s stance has evolved to emphasize market safety and transparency, urging crypto firms to adopt progressive regulatory measures that protect consumers and investors while encouraging legitimate innovation. While this regulatory mood can present challenges for firms operating in the crypto space, it also creates opportunities for those that align with the authorities’ expectations. The dual authorization framework for GSR Markets UK positions the firm to benefit from this trend, offering a regulated alternative that reassures institutions and professional traders seeking reliable counterparties.

The historical and ongoing dialogue around crypto regulation in the UK includes a push for greater market safety, transparent disclosures, and enhanced oversight of trading practices. Even as the market undergoes crackdowns on certain activities or platforms, the broader policy trajectory signals a preference for creating a balanced environment where legitimate crypto liquidity providers can grow under clear rules. In this context, the FCA’s licensing decision for GSR Markets UK is part of a broader pattern of regulatory calibration aimed at bringing more robust, credible players into the regulated ecosystem. The result is a more stable backdrop against which regulated crypto trading solutions can expand and compete for institutional capital and sophisticated retail participation.

From a market structure perspective, the availability of regulated liquidity providers with dual oversight can improve price formation and liquidity depth in the UK. By enabling OTC and programmatic trading within a regulated framework, GSR Markets UK helps to reduce information asymmetry and promote more efficient price discovery. This is particularly important for large orders where market impact would otherwise distort prices or degrade execution quality. As UK institutions and sophisticated traders increasingly recognize the value of regulated liquidity, the market is likely to observe a gradual shift toward platforms that offer transparency, risk management, and consistent execution performance, all under a compliant umbrella.

The momentum behind regulated crypto trading solutions is also driven by corporate treasury teams, asset managers, and family offices seeking safer entrances into digital assets. A compliant environment gives these entities the confidence to allocate capital toward crypto exposure, particularly through reputable liquidity providers with robust governance. The FCA’s approval, paired with MAS’s MPI framework, creates a compelling proposition for these clients, providing a clear regulatory signal regarding the credibility and reliability of GSR Markets UK as a counterparty for large or complex trades. As demand grows, the firm stands to capture a meaningful share of client order flow and to contribute to more stable, institutional-grade liquidity in the UK market.

In this context, the expansion into regulated services is well timed with broader fintech and innovation initiatives in the UK. The market’s appetite for compliant crypto liquidity aligns with the country’s intent to foster competitive, well-regulated financial services ecosystems that can attract international capital and talent. The combination of advanced regulatory oversight, cross-border licensing, and a proven operational model positions GSR Markets UK to be a leading force in delivering regulated liquidity and execution capabilities to a diverse set of clients across borders and asset classes.

Leadership perspectives and global ambitions

Leadership at GSR Markets UK frames the regulatory achievement as a springboard for broader, global growth. Eva Sanchez, the firm’s chief legal officer, underscored optimism about the growth potential of the UK crypto market, signaling that the FCA approval not only validates current operations but also expands the horizon for future development. The leadership’s emphasis on UK market expansion reflects a strategic intent to leverage the country’s regulatory stability and mature financial services infrastructure to attract institutional clients who demand rigorous compliance, robust risk controls, and transparent trading processes.

Xin Song, the group CEO, characterized the dual authorization as a capability to “confidently expand [the firm’s] services to institutional and professional clients globally.” This sentiment captures a forward-looking vision: the UK’s regulatory framework will serve as a model and launching pad for the firm’s cross-border activities. The assertion points to a broader Asia-Pacific and European expansion strategy, where MAS’s MPI licensing and FCA oversight create a convergent regulatory platform that supports scalable liquidity provision, digital asset execution, and diversified payment services. The leadership’s perspective positions GSR Markets UK not merely as a UK operations hub but as a key node in a multinational network of regulated crypto liquidity and payment service provision.

In practical terms, the leadership’s stance translates into concrete business initiatives. The firm’s global presence, already substantial in the United Kingdom, is poised for expansion in response to regulatory approval in a jurisdiction that sits at the crossroads of Europe and the wider Commonwealth. The leadership’s emphasis on serving institutional and professional clients globally suggests plans to pursue strategic partnerships, collaboration with asset managers, hedge funds, and other sophisticated market participants that require regulated, high-caliber liquidity and execution services. By combining FCA-aligned capabilities with MAS-aligned payment services, GSR Markets UK can offer a differentiated product suite that caters to complex trading strategies, large-volume orders, and diverse settlement needs.

The dual-licensing achievement also resonates with the broader industry trend toward cross-border regulatory cooperation. Institutions and counterparties increasingly value platforms that can operate under consistent standards across multiple jurisdictions, enabling more predictable risk management, governance, and compliance. GSR Markets UK’s model demonstrates how a crypto liquidity provider can align with the highest standards of regulation while maintaining the agility and innovation essential to competitive execution. The leadership’s stance signals a focus on long-term resilience and sustainable growth, anchored by strong governance, robust AML/KYC processes, and transparent client relationship management.

From a human capital perspective, GSR Markets UK’s regulatory milestone underscores the firm’s role in shaping the UK’s crypto employment landscape. The company counts more than 120 employees in the UK, a workforce characteristic that positions it among the largest crypto-native employers in the region. This fact reflects not only the scale of the firm’s operations but also its role in talent development, specialized training, and knowledge transfer within the UK fintech ecosystem. The employment footprint reinforces the strategic importance of regulatory compliance as a driver of skilled jobs, higher standards of professional practice, and ongoing innovation in the country’s crypto market infrastructure.

The leadership’s public statements also imply a broader commitment to client-centric, compliant service delivery. The expansion into OTC trading and programmatic execution services requires deep collaboration with clients to tailor liquidity provisioning, order-routing logic, and execution workflows to meet specific trading objectives. This client-centric approach, coupled with a strong regulatory foundation, is likely to yield a more predictable and trusted trading experience for UK and international participants who require regulated venues with proven risk governance and operational resilience.

In summary, the leadership’s remarks anchor the regulatory milestone within a strategic, global growth blueprint. Eva Sanchez’s emphasis on UK market growth, combined with Xin Song’s assertion of expanding services to institutional and professional clients worldwide, signals a durable plan to leverage dual licensing to deliver regulated liquidity and execution services across borders. The FCA approval, together with the MAS MPI framework, offers both a validation of the firm’s compliance culture and a practical pathway to scaling regulated crypto liquidity in a way that aligns with institutional expectations, market safety standards, and the evolving regulatory landscape.

MAS MPI license background and implications

GSR Markets UK’s regulatory journey includes a critical milestone in Singapore: the firm received its full Major Payment Institution (MPI) license from the Monetary Authority of Singapore on April 4, 2024. This followed an in-principle approval issued in October 2023, marking a notable sequence of regulatory approvals that support the firm’s capacity to deliver a broader suite of payment services in Singapore. The MPI license represents a landmark achievement, as Song noted at the time, signaling that GSR Markets was the first entity of its kind to obtain such a license in the country. The MPI designation enables the firm to conduct multiple payment services and to exceed predefined volume limitations for payment-related activities.

Under the MPI framework, GSR Markets can surpass the 3 million Singapore dollars (approximately 2.2 million USD) monthly volume limit for a payment service, and it can exceed the 6 million SGD (about 4.4 million USD) monthly cap when two or more payment services are provided. This ability to scale beyond nominal limits is particularly important for a liquidity-focused operation, where high transaction throughput and rapid, large-scale payments are integral to delivering reliable liquidity and timely settlement for clients. The MPI license thus broadens GSR’s payments and settlement capabilities, enabling more fluid cross-border flows that support both crypto and payment services in Singapore’s regulated environment.

The timing and nature of the MPI license suggest a deliberate strategy to integrate Singapore’s advanced financial services regime with the firm’s broader crypto liquidity operations. Singapore’s regulatory framework has been characterized by a forward-looking approach to payments, digital assets, and financial technology innovation. By obtaining the MPI license, GSR Markets positions itself to harness Singapore’s market infrastructure and regulatory clarity to support its global operations, complementing its FCA-regulated activities in the UK. The MPI license underscores the firm’s ability to deliver comprehensive payment services beyond mere crypto execution, enabling more diverse transaction types, cross-border settlements, and scalable payment processing capabilities.

The significance of the MPI license extends beyond the immediate capability to increase transaction volume caps. It establishes a formal recognition of GSR Markets as an accredited provider of payment services within Singapore’s financial system. This status strengthens the firm’s credibility with Singaporean clients and counterparties, potentially broadening business development opportunities in Asia-Pacific markets. The combination of MAS MPI licensing with FCA authorization creates a dual-regulatory profile that enhances GSR’s appeal to institutions seeking cross-border, well-regulated liquidity providers capable of supporting complex trading and payment workflows across multiple jurisdictions.

From an operational standpoint, the MPI license enables a broader operational envelope for GSR Markets in Singapore. The license allows a range of payment services that can support crypto-related activities, which is essential for a liquidity provider that conducts large, cross-border trades requiring fast and reliable settlement. This capability can improve the efficiency of client transactions, reduce settlement risk, and bolster the overall reliability of the firm’s service offering. For Singapore-based operations, the MPI license also signals a strong alignment with local regulatory expectations, contributing to a stable operating environment that encourages ongoing product development and client acquisition within the Singapore market.

Strategically, the MAS MPI license complements the UK FCA approval by enabling GSR Markets to offer a more integrated cross-border liquidity and payment service portfolio. Clients operating in multiple markets can benefit from standardized processes and governance across both jurisdictions, reducing friction associated with cross-border trading and settlement. The dual licensing arrangement also provides a more compelling value proposition for institutions that prioritize regulatory maturity and consistent risk management practices in their counterparties. For GSR Markets, this creates a competitive edge in a crowded market by providing sophisticated clients with a compliant, scalable, and reliable platform for crypto liquidity and associated payment services.

The MPI license’s historical context, awarded in 2024 after an early-stage in-principle authorization, demonstrates MAS’s willingness to recognize and support growth-oriented fintech firms that demonstrate sound risk management and governance. As a result, GSR Markets UK benefits not only from expanded payment service capabilities but also from a broader global credibility that can reassure clients and counterparties about the firm’s capacity to operate within tight regulatory controls. In the long term, the MPI license is likely to influence GSR’s cross-border product development, enabling more advanced liquidity provisioning, settlement optimization, and integrated payment flows that are essential to delivering a high-quality client experience in regulated markets.

Conclusion

GSR Markets UK has achieved a landmark regulatory milestone by securing FCA approval to operate as a licensed crypto asset business while maintaining a dual regulatory relationship with MAS through its MPI license. This combination positions GSR as a pioneering crypto liquidity provider that can offer regulated OTC trading and programmatic execution services to UK clients, with global growth prospects supported by MAS’s MPI framework. The leadership’s emphasis on the growth potential of the UK market and the vision to expand services to institutional and professional clients worldwide underscores a strategy that leverages regulatory legitimacy to scale across borders.

The FCA approval aligns with broader market demand for regulated, transparent, and compliant crypto trading solutions, a trend that has gained momentum as Bitcoin and other digital assets navigate a more mature institutional landscape. The MAS MPI license adds depth to the firm’s cross-border capabilities, enabling expanded payment services and higher transaction volumes that support sophisticated liquidity management and client settlement requirements. Collectively, these milestones reinforce GSR Markets UK’s position as a leading crypto-native employer and a trusted counterparty for regulated crypto liquidity in the UK, Singapore, and beyond.

As the UK and Singapore continue to refine their regulatory approaches to crypto markets, GSR Markets UK is well-positioned to serve as a benchmark for how cross-border licensing can enable scalable, compliant, and transparent liquidity provision. The dual authorization signals a long-term commitment to operating within robust regulatory ecosystems, delivering high-quality execution, and supporting institutional-grade participation in digital asset markets. For UK users, this translates into access to OTC trading and programmatic execution services via an FCA-registered entity, strengthening the country’s crypto trading infrastructure and investor protections. For the broader CME-like world of crypto liquidity, GSR Markets UK’s dual-regulatory pathway could serve as a model for how firms can align with multiple regulatory regimes to unlock cross-border growth and innovation.