Luxembourg based crypto exchange Bitstamp has announced that it has received an in-principle approval from the Monetary Authority of Singapore (MAS) for its Major Payment Institution licence.
The approval from MAS will soon enable Bitstamp to provide digital payment token services which is regulated under the Payment Services Act in Singapore.
Complementing this latest licence status, Bitstamp has 52 licences and registrations globally. Bitstamp – which bills itself as “the world’s longest-running crypto exchange” – said it has worked with regulators globally to define the licence frameworks and best practices followed by trusted exchanges today.
This approval comes at an exciting time for the market, with this year seeing the implementation of the European Union’s (EU) MiCA framework and the United States Securities and Exchange Commission (SEC) approving Bitcoin ETFs. Bitstamp said it is the first crypto exchange with a major presence in the EU to achieve an in-principle approval in Singapore and plans to aid collaboration between both jurisdictions.
Jean-Baptiste Graftieaux, CEO of Bitstamp, says:
“Attaining the in-principle approval from the Monetary Authority of Singapore brings Bitstamp a step forward in our quest to expand our footprint across important markets in APAC and globally. Singapore has been welcoming towards players in the digital assets space and we plan to operate as a locally licenced exchange to continue our growth as a trusted venue for market participants in the region. I’m excited that we have achieved this important milestone in Singapore, and am proud that we are the first exchange with a major European presence to do so.”
Bitstamp received its first licence in 2016 in Luxembourg. Today, it has over 50 licences and registrations in markets including but not limited to the UK, Luxembourg, Netherlands, Italy, Spain, France, and United States (40 states including New York, Washington, Texas, Florida).
Leonard Hoh, APAC General Manager of Bitstamp, says:
“Singapore was a first mover when it came to establishing a regulatory framework for crypto exchanges and we see that leadership continuing to cement Singapore’s future as a centre for the digital assets ecosystem and its convergence with the broader financial services sector. We are also excited by broader institutional participation in the APAC region that has been encouraged by the emergence of regulatory clarity and trusted infrastructure providers. This supports our compliance-forward proposition and belief in the need for sensible regulation to underpin the next wave of economic value and mainstream adoption.”
