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As cryptocurrencies evolve and adoption grows, a shift from traditional finance to the crypto industry is expected.
In January 2024, the United States Securities and Exchange Commission (SEC) gave a green signal to Bitcoin ETFs, gathering massive worldwide attention.
Most recently, the subsidiary of GSR Markets has secured a significant payment institution (MPI) from the Singaporean Financial Authority(MAS). The company gathered approval on April 01, 2024, from MAS Singapore.
The press release of the GSR Markets quotes that it is the first company to secure the entire MPI license in the nation. It is crucial to note that presently, 19 companies are offering cryptocurrency services and digital payment token services, and they also have MPI licenses.
Paxos, Blockchain(dot)com, Circle, and Coinbase already operate in other nations and have an impressive user base.
The press release highlights the statement of Jakob Palmstierna, the Chief Executive Officer of GSR Group “We are proud to receive the MPI license from MAS, a regulator that promotes sustainable non-inflationary economic growth, and a sound and progressive financial center.”
Approval from MAS will permit the GSR Markets subsidiary to offer open market-making services in Singapore, including spot over-the-counter.
Global Crypto Hubs
Over dozens of countries have reframed their digital asset rules and regulations; Hong Kong is one of the most preferred crypto hubs. However, Singapore has one of the most convenient and favored crypto rules.
The sudden spike in crypto popularity has allowed several companies to relocate their workspace to nations with easy rules.
According to a study conducted by Grand View Research Inc., the global cryptocurrency market size is expected to reach $11.71 Billion, although the data was published on November 18, 2023.
As per the rough estimates, there are over 9000 registered cryptocurrency projects globally, and Bitcoin is the most prominent among all.
Cryptocurrency Market Price Update
The cryptocurrency market capitalization added 1.18% to its trading price in the past 24 hours; at the time of writing, it was $2.52 Trillion. Bitcoin grew 1.22% intraday; when writing, it was trading at $66,802.
The market is back on its profitability path; Ethereum, the second most prominent crypto, is trading at $3,353. Bitcoin is the most notable, with the highest market capitalization of $1.32 Trillion.
Ethena(ENA) flourished 19.54% in its trading price, which makes it the leader in intraday trading volume. Mantle (MNT) adds 8.89%, Chiliz (CHZ) 8.33%, Bitcoin SV (BSV) 8.29% and Bitcoin Cash (BCH) 8.30%.
Core (CORE) bleeds 18% and became the topper of the losers list, Flare (FLR) lost 8.63%, Jupiter 3.31%, and Internet Computer (ICP) 4.50%. Dogwifhat (WIF) is growing constantly; at the time, it was trading at $3.90.
WIF opened trading below $0.50, but it grew more than 100% in a couple of weeks.
Disclaimer
The views and opinions stated by the author or any other person in this article are for informational purposes only and do not constitute financial, investment, or other advice.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
