Bitstamp Scores Singapore Foothold with In-Principle License Approval

European cryptocurrency exchange Bitstamp is setting its sights on Singapore after receiving a crucial nod from the city-state’s financial regulator. The Monetary Authority of Singapore (MAS) granted Bitstamp in-principle approval for a Major Payment Institution (MPI) license, marking a major step towards establishing a presence in this crypto-friendly jurisdiction.

This in-principle approval represents a significant milestone for Bitstamp’s Asian expansion strategy. Singapore, renowned for its forward-thinking approach to crypto regulation, has become a magnet for leading blockchain players. By securing this initial green light, Bitstamp positions itself to join the ranks of established crypto service providers like Blockchain.com, Circle, Coinbase, and Ripple, all of whom already hold full licenses from the MAS.

“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”, Leonard Hoh, APAC general manager of Bitstamp, said in the statement.

Founded in 2011, Bitstamp boasts a robust global presence with over 50 licenses and registrations across various jurisdictions, including the UK, the Netherlands, France, and a significant portion of the US. This in-principle approval from the MAS signifies a strategic move for Bitstamp, potentially unlocking access to the burgeoning Southeast Asian crypto market.

While the in-principle approval represents a crucial first step, it precedes the full licensing process. Yet, this initial green light from the MAS suggests a positive reception for Bitstamp’s application and paves the way for the exchange to offer its digital payment token services to Singaporean users.

Bitstamp’s foray into Singapore aligns perfectly with the city-state’s ambitious plans to become a global leader in the digital asset space. With its established reputation and robust regulatory compliance, Bitstamp’s entry has the potential to further strengthen Singapore’s position as a frontrunner in fostering innovation within the blockchain and crypto ecosystem.

The coming months will be crucial as Bitstamp navigates the remaining stages of the licensing process. However, this in-principle approval signifies a promising development for both Bitstamp and Singapore’s growing crypto landscape.