- Bitstamp has achieved a key milestone in Singapore.
- The exchange earned provisional approval for a major license.
- The development strengthens the exchange’s influence in the APAC region.
Luxembourg-based crypto exchange Bitstamp announced on Wednesday that it had obtained in-principle approval for a Major Payment Institution (MPI) license in Singapore.
While Singapore doesn’t treat cryptocurrencies as the equivalent of money, the country’s central bank and financial regulator may treat digital assets as regulated products, such as securities or digital payment tokens. Companies that offer services across such products are required to obtain the MPI license.
Bitstamp Enters Singapore with In-Principle Approval
According to a statement dated March 6, the Monetary Authority of Singapore (MAS) has granted Bitstamp In-Principle Approval, paving the way for the exchange to secure a full operational license for digital payment token services in the country.
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Bitstamp said the approval will allow it to focus on serving institutions, including intermediaries such as fintech companies, payment processors, and brokerages.
By embracing crypto regulation in Singapore under the Republic’s Payment Services Act, Bitstamp establishes itself as a trusted player in APAC’s burgeoning digital assets market.
“It’s a significant strategic move that reflects our commitment to compliance and supporting the growth of the evolving global landscape,” the statement read. “We’re confident about our proposition for institutional and retail customers we serve in the Asia-Pacific region, with Singapore at the core of our strategy.”
Since its launch, Bitstamp has obtained over 50 licenses and registrations globally, including in markets like the UK, France, Spain, Luxembourg, Italy, the U.S., and the Netherlands.
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Read about Upbit’s recent win in Singapore:
Upbit Secures Singapore’s Major Payment Institution License
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