Key takeaways:
- Bitstamp secures a crucial license approval in Singapore, enabling the exchange to extend its services.
- MAS approval enables Bitstamp’s entry into key Asia-Pacific markets.
Bitstamp, a prominent cryptocurrency exchange, has received in-principle approval for a Major Payment Institution license from the Monetary Authority of Singapore (MAS).
This development signals Bitstamp’s progress towards offering digital payment token services in Singapore, moving beyond its previous operation under an exemption from the Payment Services Act. With this license,
Bitstamp can now facilitate cross-border money transfers and digital payment token exchanges for customers in Singapore and select countries in the region
Last year, Bitstamp made headlines by discontinuing its ether staking program for all U.S. customers starting September. Now, with the recent approval from MAS, Bitstamp can focus on serving institutions, including fintech companies, payment processors, and brokerages.
Bitstamp’s achievement as the first European-based crypto exchange authorized in Singapore adds to its regulatory approval in over 50 jurisdictions worldwide, including the U.K. and the United States. ‘
Singapore’s crypto-friendly regulatory environment, coupled with its status as a crypto hub in the region, positions it as an ideal location for Bitstamp’s expansion.
Leonard Hoh, APAC General Manager of Bitstamp, emphasized Singapore’s leadership in establishing a regulatory framework for crypto exchanges and its potential as a center for digital assets and financial services convergence.
With the European Union and the United States making strides in crypto regulation and approval of Bitcoin exchange-traded funds (ETFs), the global crypto market is poised for further growth and mainstream adoption.
Bitstamp, operating since 2011 and providing critical infrastructure for Bitcoin markets, is strategically positioning itself as a trusted player in the Asia-Pacific digital assets market by embracing regulation in Singapore.
In a statement, Bitstamp expressed confidence in its proposition for institutional and retail customers in the Asia-Pacific region, with Singapore serving as a cornerstone of its strategy. This move underscores Bitstamp’s commitment to compliance and supporting the evolving global landscape of digital assets.
