Cryptocurrency exchange Bitstamp has announced that it has received In-Principle Approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license.
The MAS approval will allow the cryptocurrency exchange to provide digital payment token services regulated under the Payment Services Act in Singapore.
Singapore's adoption of clear regulatory rules positions it as a global leader in the digital asset ecosystem, attracting major players such as Bitstamp.
It's worth noting that new cryptocurrency trading regulations for retail investors will come into effect in Singapore in mid-2024.
Bitstamp said in a statement that its focus in Singapore will be on serving institutions, including intermediaries such as payment processors, fintech companies, and brokerages.
The company currently holds more than 50 licenses and registrations worldwide, in regions including Luxembourg, the Netherlands, Italy, Spain, France, the US, and the UK.
"Receiving In-Principle Approval from the Monetary Authority of Singapore takes Bitstamp one step further in our quest to expand our presence in key markets in APAC and around the world. Singapore welcomes players in the digital asset space, and we plan to operate as a locally licensed exchange to continue our growth as a trusted platform for market participants in the region. I am delighted that we have reached this important milestone in Singapore and proud to be the first exchange with a significant European presence to do so," said Jean-Baptiste Graftier, CEO of Bitstamp.
While Bitstamp is still in the process of obtaining a full license, exchanges Upbit, Coinbase, Sygnum, and Ripple have already successfully obtained MPI from the MAS.
Bitstamp confirmed that the exchange remains steadfast in its mission to drive the adoption of cryptocurrencies while adhering to the highest standards of security and compliance.
