Crypto market maker GSR’s Singapore subsidiary has obtained the major payment institution (MPI) license from the Monetary Authority of Singapore, according to Bloomberg.

The Singapore entity, named GSR Markets, said it is the first of its kind to obtain the full MPI license from Singapore authorities, the report said. Currently, 19 firms engaging in cryptocurrency services or digital payment token services have the MPI license from Singapore, including Paxos, Blockchain.com, Circle and Coinbase.

The approval effectively allows GSR Markets to pursue spot over-the-counter and market making services in Singapore, Bloomberg said. In September last year, GSR Markets received the in-principle approval for the MPI license, where the company said it was grateful to the MAS for its “constructive …