GSR Secures UK FCA Approval, Becomes Dual-Regulated with MAS, Expands Regulated Crypto Services (OTC and Programmatic Trading)

GSR Markets UK has secured regulatory approval from the United Kingdom’s Financial Conduct Authority (FCA), enabling it to operate as a licensed crypto asset business. The move also positions GSR as a pioneer in cross-border regulatory alignment, becoming the first crypto liquidity provider to achieve dual authorization from both the FCA and the Monetary Authority of Singapore (MAS). This milestone opens the door for the firm to offer over-the-counter (OTC) and programmatic execution trading services to UK clients, signaling a broader shift toward regulated, institutionally friendly crypto trading infrastructure. The regulatory green light arrives amid a growing appetite for compliant crypto trading solutions, driven by rapid market development and renewed institutional interest following notable price milestones in the sector.

Table of Contents

Regulatory Approval and Dual Authorization

GSR Markets UK’s FCA approval marks a significant milestone in the company’s strategy to operate across major financial hubs under stringent regulatory standards. The FCA authorization confirms that GSR Markets UK complies with UK rules for crypto asset businesses, enabling the firm to provide regulated services within the country’s financial system. In parallel, the achievement of dual authorization—combining FCA oversight with MAS licensing—signals a synchronized compliance framework across two of Asia-Pacific’s most important financial markets. This alignment is designed to enhance market safety, transparency, and trust for professional and institutional participants who rely on regulated venues to execute complex trading strategies.

The dual regulatory status means GSR Markets UK adheres to stringent governance, risk management, reporting, and customer protection requirements characteristic of both the UK and Singapore. Such alignment is expected to streamline cross-border operations for clients and counterparties who require consistent regulatory standards when engaging in high-volume or sophisticated trading activities. By meeting the standards of two leading financial jurisdictions, GSR reinforces its capability to operate as a global liquidity provider with robust compliance infrastructure, which is particularly important for institutions seeking reliable access to crypto markets through regulated channels.

This regulatory achievement underscores a broader industry shift toward formal licensing as a prerequisite for large-scale crypto trading activities. The FCA’s ongoing focus on market safety and consumer protections—paired with Singapore’s progressive but rigorous licensing regime—creates an environment in which crypto liquidity providers must demonstrate strong controls, clear governance, and transparent operational practices to serve sophisticated clients. For GSR, the FCA and MAS approvals serve not only as a hurdle cleared but as a platform for expanded credibility, client confidence, and long-term growth in regulated markets.

Service Expansion and Client Coverage

The FCA’s authorization clears the path for GSR Markets UK to broaden its service menu to institutional and professional clients in the United Kingdom and beyond. The company’s expanded operational scope enables the firm to deliver OTC trading—where counterparties execute large, private trades outside standard exchange venues—and programmatic execution trading, which leverages automated, algorithm-driven order placement to optimize price, speed, and liquidity access. These capabilities are particularly relevant for institutions seeking efficient, low-friction access to liquid crypto markets through a regulated counterparty.

The expansion aligns with rising demand for regulated and reliable crypto trading platforms. Industry participants increasingly expect operations to comply with established financial market norms, including risk management, trade reporting, and robust custody and settlement arrangements. By offering regulated OTC and programmatic execution services via an FCA-registered entity, GSR Markets UK positions itself to serve a broader base of clients that require scalable liquidity, operational resilience, and clear regulatory footing in a rapidly evolving market.

Leadership now views the UK market as a pivotal gateway for global client servicing. The firm’s ongoing commitment to expanding its regulated footprint supports clients as they navigate a dynamic, rapidly expanding crypto landscape. This involves not only providing access to liquidity but also delivering trusted price discovery, efficient settlement workflows, and strong post-trade controls designed to minimize operational risk. As market participants demand greater transparency and protection, GSR’s dual-licensed platform stands to become a preferred conduit for large-volume crypto transactions and sophisticated trading strategies in regulated environments.

Strategic Client Benefits

Access to regulated OTC liquidity and programmatic execution services within a highly regulated framework.
Enhanced protection for institutional funds through standardized risk controls and reporting.
Improved cross-border capabilities thanks to harmonized UK and Singapore regulatory standards.
Ability to scale operations for professional clients globally, leveraging a robust compliance backbone.

Leadership Perspectives and Strategic Vision

GSR’s leadership emphasizes the strategic significance of the dual approval and its implications for client service and market reach. Eva Sanchez, the company’s chief legal officer, stated that the expansion underscores the growth potential of the UK crypto market and reinforces confidence in the country as a key hub for regulated crypto activities. Her perspective highlights how the UK’s evolving regulatory environment, combined with global demand for compliant trading venues, creates an attractive setting for long-term investment and growth.

Xin Song, the group CEO, described the dual authorization as a catalyst for broader service delivery. He noted that the licensing combination enables GSR to “confidently expand [its] services to institutional and professional clients globally,” signaling an intention to scale client coverage and product offerings while maintaining rigorous compliance standards. Song’s remarks reflect a strategic belief that robust regulatory credentials can unlock new business lines and geographic reach.

Jakob Palmstierna, CEO of GSR Markets UK, framed the development as a means to better support clients in a changing market. He emphasized that the new authorization will help the firm serve clients more effectively as they navigate a sector characterized by rapid innovation, evolving risk considerations, and the ongoing integration of crypto markets with traditional financial infrastructure. Palmstierna’s outlook underscores a commitment to deepening client relationships through a regulated, transparent, and technically capable platform.

Regulatory Landscape and Market Context

The FCA has been actively shaping the crypto regulatory landscape, balancing enforcement with proactive regulatory enhancement to promote market safety and consumer protection. In recent years, the FCA has tightened rules around advertising, risk disclosures, and licensing requirements for crypto businesses operating in the UK. This approach, coupled with the UK’s own ongoing considerations of crypto policy, forms a backdrop in which firms pursuing growth in digital assets must demonstrate robust governance, clear disclosures, and rigorous compliance.

The UK regulatory push runs alongside broader international developments, including Singapore’s MAS licensing framework. MAS’s major payment institution (MPI) license—granted to GSR Markets UK in collaboration with its Singapore-based operations—plays a crucial role in enabling regulated payment services and cross-border activity. The MPI license allows multi-service payment capabilities and expands volume and service limits, enabling the firm to support a broader set of payment-related activities beyond basic crypto trades. The combination of FCA and MAS licenses creates a diversified regulatory runway that can support cross-border trading and settlement activities for institutional clients.

The broader market context includes a resurgence of interest from institutional investors and professional market participants into regulated crypto trading platforms. The narrative of regulated liquidity, infrastructure, and risk controls is increasingly central to institutional decision-making as they assess the legitimacy and stability of crypto-market participation. The push for regulated market integrity, anti-money-laundering controls, and consumer protection remains a priority for regulators, and market participants like GSR Markets UK are positioned to respond by aligning product offerings with these expectations.

MAS MPI License: Scope, Significance, and History

GSR Markets UK previously secured a major development in its MAS licensing journey with the MPI license—the Major Payment Institution license—from MAS. The license was issued after an in-principle approval was granted in October 2023, marking a pioneering achievement in the Singaporean regulatory landscape. The MPI license, as issued, permitted the firm to conduct multiple payment services and to exceed volume and monthly limits that would constrain a smaller operator.

With the MPI license, GSR Markets could exceed the 3 million Singapore dollars (approximately 2.2 million USD) volume limit for a single payment service and the monthly cap of 6 million SGD (about 4.4 million USD) for two or more payment services. These permission thresholds broadened the firm’s capacity to facilitate higher-volume payment-related activities, enabling more comprehensive payment service offerings and enabling them to support more complex financial arrangements in Singapore’s regulated environment.

The MAS MPI license complements the FCA authorization by providing broader cross-border payment capabilities and enhancing the firm’s ability to transact across Singapore’s financial system. Together, these licenses reinforce GSR’s stance as a globally scoped liquidity provider that can operate across key financial centers with consistent regulatory controls. The combination of UK and Singapore licenses enables a more seamless delivery of services to clients who require cross-border access, settlement, and operational risk management aligned with both markets’ standards.

Operational Footprint and Global Reach

GSR Markets UK positions itself as a major employer within the UK’s crypto ecosystem. The firm’s team in the UK exceeds 120 employees, a figure that underlines its status as one of the region’s largest crypto-native employers. This sizable presence reflects a commitment to hiring, training, and retaining talent to support complex trading operations, compliance, technology development, risk management, and client services. The local workforce is integral to delivering the regulated services now authorized by the FCA, enabling robust client onboarding, operational resilience, and scalable service delivery for professional clients.

The UK operation’s growth aligns with the firm’s strategic objective to provide regulated liquidity and execution services to a broad market segment, including institutions, hedge funds, asset managers, and other professional counterparties. The local team’s capabilities encompass trading desk operations, risk controls, compliance supervision, technology integration, and client relationship management. By maintaining a large, UK-based workforce, GSR reinforces its commitment to the regulatory requirements of the region while ensuring high service quality for clients who demand reliability and transparency.

In parallel, the MAS MPI license supports cross-border operational capabilities that extend beyond the UK. The Singaporean regulatory framework complements the UK regime, enabling coordinated service delivery to clients that operate across both jurisdictions. This dual-regulatory footprint is particularly valuable for clients who engage in cross-border trading strategies, hedging programs, or liquidity optimization that benefit from a consistent, compliant framework across major financial markets.

Client-Centric Capabilities

OTC trading with transparent pricing and risk management frameworks tailored for institutional clients.
Programmatic execution trading enabled by automated, algorithmic order routing to capture favorable liquidity and execution quality.
Regulated custody, settlement, and compliance processes designed to align with global best practices for crypto assets.
Cross-border settlement capabilities that leverage the strengths of both UK and Singaporean regulatory regimes.

Product and Platform Offerings: What the Market Gains

With the FCA approval, GSR Markets UK can provide regulated access to its liquidity and trading capabilities to UK clients and international counterparties that require robust governance and compliance. The platform is designed to facilitate high-quality execution and reliable liquidity access, particularly for large block trades and sophisticated programmatic strategies. The combination of OTC and programmatic trading solutions addresses a range of client needs, from private, large-volume executions to high-frequency, algorithm-driven workflows that rely on fast and accurate price discovery.

OTC trading remains a critical channel for institutions seeking discreet, large trades without affecting public order books. The programmatic execution layer supports scalable, automated trading strategies that rely on optimized path-to-execution, streaming liquidity aggregates, and smart order routing. Both offerings are structured to preserve market integrity, minimize counterparty risk, and ensure compliance with regulatory standards.

The UK-registered entity’s regulated status is expected to enhance client trust and address due diligence considerations common among institutional investors. In addition to execution services, the firm’s expansion signals broader capabilities around risk management, transaction reporting, and post-trade processing, all of which contribute to a more efficient and transparent trading environment for sophisticated market participants.

Market Outlook and Long-Term Prospects

The UK’s embrace of regulated crypto trading infrastructure is part of a broader global trend toward integrating digital assets into traditional financial markets. As more jurisdictions establish licensing regimes and supervisory expectations, liquidity providers that demonstrate robust compliance, governance, and operational reliability are well-positioned to capture growing demand from institutional clients seeking regulated access to crypto markets.

Bitcoin’s ascent to notable price milestones in 2024 helped drive institutional attention to the crypto space, reinforcing the case for regulated liquidity and regulated trading venues. Industry stakeholders increasingly view the availability of regulated platforms as essential for risk management, due diligence, and capital allocation decisions. GSR Markets UK’s dual-licensing achievement places the firm at the forefront of this trend, positioning it to expand its client base, deepen strategic partnerships, and integrate more advanced trading capabilities within a compliant framework.

The regulatory environment will continue to shape product development, risk controls, and market access for players like GSR. Ongoing regulatory clarity and a stable operating regime in both the UK and Singapore are likely to influence future collaborations, product enhancements, and cross-border liquidity provision. For clients, this means access to a more deeply regulated ecosystem with higher standards for custody, settlement, and trade reporting—factors that are increasingly central to the professional credibility of crypto market participants.

Conclusion

GSR Markets UK’s FCA authorization, paired with its MAS MPI licensing and dual regulatory recognition, marks a pivotal milestone for the firm and for the broader crypto industry. The approval enables expanded, regulated OTC and programmatic trading services for UK clients, while the MAS MPI license enhances cross-border payment capabilities and liquidity provisions. The leadership team emphasizes the growth potential of the UK market, the strategic value of global regulatory alignment, and the firm’s commitment to serving institutional and professional clients with high standards of governance and risk management.

With a substantial UK workforce and a clear strategy to deepen cross-border operations, GSR Markets UK is well-positioned to meet rising demand for compliant crypto trading infrastructure. The ongoing regulatory evolution—coupled with industry momentum in institutional participation—suggests a favorable environment for continued product innovation, enhanced liquidity access, and more rigorous market safeguards. As the firm expands its footprint and services, clients can expect a regulated platform built to support sophisticated trading strategies, transparent execution, and robust risk controls in an increasingly regulated global crypto market.