According to Wu, Bloomberg reported that crypto market maker GSR has obtained a major payment institution license issued by the Monetary Authority of Singapore. Song Xin, CEO of GSR, said in a statement that they are one of the first companies to obtain such a license. This license will enable GSR to conduct spot over-the-counter transactions and market maker services within the regulatory framework of the Monetary Authority of Singapore. It is worth mentioning that GSR has obtained the principle approval of the Monetary Authority of Singapore in September last year.