European cryptocurrency platform Bitstamp has been granted preliminary regulatory approval by the Monetary Authority of Singapore (MAS). The exchange will soon be able to provide digital payment token services in the country, thanks to the Major Payment Institution (MPI) license it is set to receive.
Bitstamp stands out as the “first crypto exchange with significant presence in the European Union (EU) to secure preliminary approval in Singapore.” This marks a significant milestone for the platform and its expansion into the Asian market.
Previously, South Korean exchange Upbit was the most recent crypto platform to receive full licensing in Singapore. After obtaining its MPI license in January, approximately three and a half months passed before it received final approval. Bitstamp is now following in Upbit’s footsteps as it prepares to solidify its position in the Singaporean market.
In Singapore, Bitstamp will focus on catering to financial institutions and intermediaries, including payments processors, fintech companies, and brokerages. This strategic approach demonstrates the exchange’s commitment to providing tailored services to various industry players in the region.
Overall, Bitstamp’s in-principle approval in Singapore represents a significant step forward in its global expansion efforts. With its reputation as a leading EU-based exchange, Bitstamp is well-positioned to thrive in the competitive Southeast Asian market.