Bitstamp secures MAS license for crypto services in Singapore
Bitstamp, a major European crypto exchange, secures proof-of-principle from Singapore's MAS. A 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.
Bitstamp has reached a major milestone in its global expansion efforts with in-principle approval from the Monetary Authority of Singapore (MAS).
The approval makes Bitstamp the first major European exchange to receive such recognition in Singapore, marking an important moment for the cryptocurrency industry in the region.
Bitstamp MAS approval and expansion plans
MAS has licensed Bitstamp Major Payment Institution (MPI), the crypto exchange to offer cross-border remittance and digital payment token services to customers in Singapore and select countries across the Asia-Pacific region.
Acknowledging the approval, Bitstamp Asia-Pacific General Manager Leonard Hoh emphasized Singapore's positive regulatory environment, which is conducive to the institutionalization and wider adoption of digital assets.
With this approval, Bitstamp is expected to lead its expansion efforts in the Asia-Pacific region and beyond.
The approval of the principle is related to the renaissance in the cryptocurrency market, with regulatory frameworks in the European Union and the Bitcoin Exchange Traded Fund (ETF) by the United States Securities and Exchange Commission (SEC) is expected to further strengthen market dynamics.
