Bitstamp, a major European crypto exchange, secures in-principle approval from Singapore’s MAS.
The Major Payment Institution (MPI) license allows Bitstamp to offer digital payment token services.
Bitstamp focuses on serving financial institutions in Singapore, marking its strategic entry into the Asian market.
European cryptocurrency exchange Bitstamp has reached a significant milestone in its global expansion efforts with an in-principle approval from the Monetary Authority of Singapore (MAS).
The approval positions Bitstamp as the first major European exchange to receive such recognition in Singapore, marking a pivotal moment for the cryptocurrency industry in the region.
Bitstamp’s MAS approval and Expansion Plans
The MAS granted Bitstamp a Major Payment Institution (MPI) license, granting the crypto exchange the authority to provide cross-border money transfer and digital payment token exchange services to customers in Singapore and select countries across the Asia-Pacific region.
Acknowledging the approval, Leonard Hoh, Bitstamp’s Asia-Pacific general manager, emphasized Singapore’s positive regulatory environment, which is conducive to the institutionalization and broader adoption of digital assets.
With this approval, Bitstamp is expected to spearhead its expansion efforts in the Asia-Pacific region and beyond.
The in-principle approval coincides with a rebound in the cryptocurrency market, with regulatory frameworks in the European Union and the approval of Bitcoin exchange-traded funds (ETFs) by the United States Securities and Exchange Commission (SEC) expected to further solidify market dynamics.