Bitstamp, a leading crypto trading platform, has announced receiving in-principle approval from the Monetary Authority of Singapore (MAS) to operate as a Major Payment Institution within the city-state. This approval marks a crucial step towards Bitstamp’s goal of providing digital payment token services in Singapore, positioning the exchange closer to acquiring a full operational license.
Bitstamp joins elite crypto exchanges in Singapore
Bitstamp’s achievement of in-principle approval by the MAS underscores the exchange’s commitment to adhering to regulatory standards and enhancing its service offerings in the Asian market. Singapore’s regulatory framework, known for its robust approach towards digital asset exchanges, continues to attract major players in the cryptocurrency industry. Bitstamp’s entry into this regulated space signifies its intent to play a pivotal role in Singapore’s burgeoning digital assets ecosystem. Leonard Hoh, APAC general manager of Bitstamp, emphasized Singapore’s leadership in establishing a regulatory framework that fosters innovation while ensuring financial stability and consumer protection.
This milestone is part of Bitstamp’s broader strategy to expand its global footprint, with the exchange already holding over 50 licenses and registrations across various jurisdictions, including the UK, the Netherlands, France, and 40 states in the U.S. The MAS has previously granted full licenses to several other prominent crypto service providers, such as Blockchain.com, Circle, Coinbase, and Ripple, highlighting Singapore’s open and progressive stance towards cryptocurrency and blockchain technology.
Strengthening the digital assets ecosystem
The in-principle approval obtained by Bitstamp from the MAS not only enhances the exchange’s regulatory posture but also contributes to Singapore’s reputation as a leading international hub for digital finance. By complying with MAS’s stringent requirements, Bitstamp is set to offer secure and regulated digital payment token services to its customers in Singapore, further integrating the digital assets market with traditional financial services.
This development is expected to have a positive impact on the overall growth and maturity of the cryptocurrency industry, providing a benchmark for other exchanges seeking to operate within regulated frameworks. As the digital assets sector continues to evolve, the emphasis on regulation and compliance by exchanges like Bitstamp plays a critical role in ensuring investor confidence and market stability.
Bitstamp’s in-principle license approval from the MAS is a testament to the exchange’s dedication to regulatory compliance and its vision to be at the forefront of the digital assets revolution. As Bitstamp progresses towards obtaining a full license, its presence in Singapore is poised to contribute significantly to the growth of a safe and vibrant digital assets ecosystem.
