Bitstamp, a prominent European crypto exchange, has received approval on regulatory in principle from Singapore’s Monetary Authority. This major verdict positions Bitstamp as the first notable European exchange to secure such backing in Singapore, thereby opening the way for expansion into Asia.
Bitstamp got approval from the MAS for a Major Payment Institution license, which is important for expanding its digital payment token services across Singapore. As evidenced by the license, the exchange has confirmed its commitment to strict compliance and regulatory frameworks.
“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. […] Singapore has been welcoming towards players in the digital assets space and we plan to operate as a locally licenced exchange to continue our growth as a trusted venue for market participants in the region, said Jean-Baptiste Graftieaux, Global CEO of Bitstamp.
Bitstamp’s entrance into Singapore is a great addition to the country’s cryptocurrency landscape. With an MPI license, Bitstamp is about to serve a large number of clients, such as financial institutions and fintech startups. The exchange would aim to provide comprehensive services based on its depth of knowledge in the crypto domain.
Bitstamp Embracing Mainstream European Banking
The journey to full licensing in Singapore has always been known for its intensity and depth; for instance, the South Korean entity Upbit was given an MPI license in January this year. The MAS’s licensing process is characterized by meticulous due diligence, as evidenced by the three-and-a-half-month transition from provisional to full approval.
Last year, Bitstamp had serious discussions with three major European banks about introducing cryptocurrency services. These discussions, which are likely to result in statements by the end of March 2024, indicate a wider endorsement of digital currencies in Europe and follow the European Union’s regulatory progress under the Markets in Crypto-Assets (MiCA) framework.
The regulatory milestone for this exchange solidifies its position in the world cryptocurrency market and signifies that digital currencies are now considered part and parcel of the financial ecosystem. As the exchange moves into this new phase, it becomes a beacon for other European exchanges hoping to enter Asian markets.
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