Bitstamp, one of Europe's leading cryptocurrency exchanges, has entered the Asian market by receiving regulatory approval in principle from the Monetary Authority of Singapore (MAS).
European Crypto Exchange Bitstamp Given Preliminary Approval by Singaporean Regulator
The approval, in the form of a Major Payments Institution (MPI) license, paves the way for Bitstamp to offer digital payment token services in the Southeast Asian city-state. This development was confirmed in an official announcement distributed via email today.
In its announcement, Bitstamp proudly declared itself the “first European Union (EU) crypto exchange to receive in-principle approval in Singapore,” signaling a strategic expansion into one of Asia's most important financial centers.
The last crypto exchange to successfully obtain a full license in Singapore was South Korean firm Upbit, which was granted the MPI license in January.
Upbit's journey from in-principle approval to full license took approximately three and a half months and set a precedent for Bitstamp's regulatory trajectory in the region.
Bitstamp outlined its primary focus in Singapore on serving financial institutions and intermediaries, including payment processors, fintech firms and brokers.
This strategic positioning underscores Bitstamp's commitment to serving a diverse customer base and facilitating seamless access to digital asset services in the Singapore market.
Receiving in-principle approval from MAS represents a significant milestone for Bitstamp and marks an important step towards solidifying its presence in the rapidly evolving global cryptocurrency landscape.
As Bitstamp prepares to embark on its regulatory journey in Singapore, industry watchers are eagerly awaiting the exchange's role in shaping the future of digital finance in the region.
*This is not investment advice.