Bitstamp Receives In-Principle Approval for Major Payment Institution License in Singapore
Bitstamp, a prominent player in the cryptocurrency exchange market, has achieved a significant regulatory milestone with the in-principle approval from the Monetary Authority of Singapore (MAS) to operate under the Major Payment Institution license. This approval allows Bitstamp to offer digital payment token services in Singapore, marking a crucial step towards expanding its global footprint and bolstering its presence in the Asia-Pacific (APAC) region.
Leonard Hoh, Bitstamp’s Asia-Pacific General Manager, highlighted the significance of Singapore’s regulatory framework, stating, “Singapore was a first mover when it came to establishing a regulatory framework for crypto exchanges and we see that leadership continuing to cement Singapore’s future as a center for the digital assets ecosystem and its convergence with the broader financial services sector.”
Bitstamp’s entry into the Singaporean market underscores its commitment to compliance and regulatory adherence. The exchange, founded in 2011, has a strong track record of regulatory compliance, holding over 50 licenses and registrations globally, including in jurisdictions such as Luxembourg, the United Kingdom, and the United States.
Jean-Baptiste Graftieaux, Bitstamp’s Global CEO, emphasized the strategic importance of Singapore in the company’s expansion plans, stating, “Attaining the in-principle approval from the Monetary Authority of Singapore brings Bitstamp a step forward in our quest to expand our footprint across important markets in APAC and globally.”
Bitstamp’s focus in Singapore will be on serving institutions and intermediaries, including payment processors, fintech companies, and brokerages. This aligns with the exchange’s broader strategy of catering to both institutional and retail customers while upholding the highest standards of security and compliance.
The in-principle approval from MAS comes at a time of significant developments in the cryptocurrency market, including the implementation of the European Union’s MiCA framework and the approval of Bitcoin exchange-traded funds (ETFs) in the United States. Bitstamp, as a key player in the crypto ecosystem, aims to leverage its regulatory compliance and operational expertise to drive innovation and promote mainstream adoption of digital assets.
