GSR, which was founded in 2013 in New Jersey, provides services such as market making, derivatives, and over-the-counter trading. GSR Markets Pte. Ltd., the Singaporean branch of the international cryptocurrency trading company and liquidity provider GSR, has been granted In-Principle Approval by the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license last year. Recently the authority has issued a license to the crypto market maker which is a rare step as the city-state recently widened its regulatory ambit for crypto. Market makers usually operate without any regulatory approval across the globe.