Cryptocurrency exchange Bitstamp announced on Wednesday that it has received in-principle approval from the Monetary Authority of Singapore (MAS) for a license to operate as a primary payment institution.
Receiving in-principle approval ahead of a formal license to operate in Singapore could bring Bitstamp one step closer to offering digital payment token services in Singapore. The exchange said in a press release that it is the first cryptocurrency trading platform with a major presence in the EU to obtain such a license from MAS.
“Singapore has been a leader in establishing a regulatory framework for cryptocurrency exchanges, and we see this leadership continuing to solidify Singapore’s future as a hub for the digital asset ecosystem and its convergence with the broader financial services sector. ” said Leonard Hoh, APAC. Bitstamp’s general manager said in his statement:
Singapore authorities have already granted full licenses to several cryptocurrency service providers, including: Blockchain.com, one, coinbase and ripple.
Bitstamp, founded in 2011, has more than 50 licenses and registrations in jurisdictions around the world, including the United Kingdom, the Netherlands, France and 40 U.S. states, according to a statement.
Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.
© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.
About the author
Danny Park is The Block’s East Asia reporter, writing about topics including Web3 development and cryptocurrency regulation in the region. He previously worked as a reporter for Forkast.News, where he actively covered the fall of Terra-Luna and FTX. Based in Seoul, Danny previously produced written and video content for media companies in Korea, Hong Kong and China. He holds a Bachelor’s degree in Journalism and Business Marketing from the University of Hong Kong.