European cryptocurrency exchange Bitstamp has received in-principle regulatory approval from the Monetary Authority of Singapore (MAS), paving the way for it to offer digital payment token services in the Southeast Asian city-state.
The approval, granted under the Major Payment Institution (MPI) license, marks a significant milestone for Bitstamp, positioning it to cater to the burgeoning cryptocurrency market in Singapore. According to an emailed announcement on Wednesday, Bitstamp expressed its anticipation for obtaining the full MPI license soon.
Bitstamp joins the ranks of South Korean firm Upbit as the latest cryptocurrency exchange to secure regulatory licensing in Singapore. Upbit was granted its MPI license in January, following in-principle approval received around three and a half months prior.
In Singapore, Bitstamp aims to primarily serve financial institutions and intermediaries, including payments processors, fintechs, and brokerages. Commenting on the approval, Bitstamp’s global CEO Jean-Baptiste Graftieaux expressed enthusiasm, stating, “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.”
Significantly, founded in 2015, Bitstamp initially obtained licensing in Luxembourg in 2016. Since then, it has secured licenses and registrations in various countries, including the UK, Netherlands, Italy, Spain, France, and 40 states in the US.
