Luxembourg-based crypto exchange Bitstamp has announced that it has received in-principle approval from the Monetary Authority of Singapore (MAS) for its Major Payment Institution license.
The approval from MAS will soon allow Bitstamp to provide discrete digital payment services, which are regulated under the Payment Services Act in Singapore.
Rounding out this latest license status, Bitstamp has 52 licenses and registrations worldwide. Bitstamp – which bills itself as “the world’s longest-running crypto exchange” – said it has worked with regulators worldwide to define the licensing frameworks and best practices followed by trusted exchanges today.
This approval comes at an exciting time for the market, with the implementation of the European Union (EU) MiCA framework this year and the United States Securities and Exchange Commission (SEC) approving Bitcoin ETFs. Bitstamp said it is the first crypto exchange with a significant presence in the EU to achieve in-principle approval in Singapore and plans to help cooperation between the two jurisdictions.
Jean-Baptiste Graftieaux, CEO of Bitstamp, says:
“Receiving in-principle approval from the Monetary Authority of Singapore brings Bitstamp a step forward in our quest to expand our footprint in key markets in APAC and globally. Singapore welcomes players in the digital assets space and we intend to operate as a locally licensed exchange to continue our growth as a trusted venue for market participants in the region. I am thrilled that we have achieved this important milestone in Singapore and I am proud that we are the first exchange with a major European presence to do so.”
Bitstamp received its first license in 2016 in Luxembourg. Today, it holds more than 50 licenses and registrations in markets including but not limited to the United Kingdom, Luxembourg, the Netherlands, Italy, Spain, France and the United States (40 states, including New York, Washington, Texas , of Florida).
Leonard Hoh, General Manager APAC at Bitstamp, says:
“Singapore has been an early mover in creating a regulatory framework for cryptocurrency exchanges, and we see that leadership continuing to cement Singapore’s future as a hub for the digital asset ecosystem and its convergence with the broader financial services sector. We are also excited by the broader institutional participation in the APAC region, which has been encouraged by the emergence of regulatory clarity and reliable infrastructure providers. This supports our compliance proposition and our belief in the need for sensible regulations to support the next wave of economic value and mainstream adoption.”