Crypto market maker GSR has made headlines in the financial world by securing approval from the Financial Conduct Authority (FCA) for its over-the-counter (OTC) services in the United Kingdom. This approval makes GSR the first crypto liquidity provider to receive regulatory authorizations from both the FCA and Singapore’s Monetary Authority of Singapore (MAS).

In a press release on January 6, GSR announced that its British arm had been granted permission to operate as a registered crypto asset business by the FCA. This milestone achievement allows GSR to offer OTC and programmatic execution crypto asset trading services in the UK.

Xin Song, the Group CEO of GSR, expressed his excitement over the FCA approval, stating that it marks a significant milestone in the company’s mission to shape a more transparent and inclusive global crypto trading ecosystem. He also highlighted that having approvals from multiple financial regulators will enable GSR to expand its services to clients on an international level.

With over 120 employees in the UK, GSR is now looking forward to collaborating with UK policymakers as the country’s crypto regulations continue to evolve. Additionally, in April 2024, GSR obtained a Major Payment Institution license in Singapore, allowing the firm to offer spot OTC and market-making services under the country’s regulations.

This latest development underscores GSR’s commitment to compliance and regulatory oversight in the crypto market. As the industry continues to mature, regulatory approvals like the one from the FCA will be crucial for crypto firms to gain credibility and trust from investors and clients. GSR’s success in securing approval from both the FCA and MAS positions the company as a leader in the global crypto trading landscape.