Bitstamp, a European cryptocurrency exchange, has secured in-principle regulatory approval from the Monetary Authority of Singapore (MAS). It positions Bitstamp as the first major European crypto exchange to receive such approval in Singapore, signaling a new era of expansion in the region.
MPI License Enables Digital Payment Token Services in Singapore
The approval comes in the form of a Major Payment Institution (MPI) license, which will empower Bitstamp to offer digital payment token services within Singapore. This announcement was conveyed through an official email today (Wednesday), underlining Bitstamp's focus on compliance and regulatory standards in its global operations.
Bitstamp's entry into Singapore marks an addition to the cryptocurrency ecosystem in the city-state. With the MPI license, Bitstamp will be able to cater to a diverse array of customers, including financial institutions, payments processors, fintech companies, and brokerages. The exchange aims to provide comprehensive services to these entities, leveraging its expertise and experience in the crypto space.
European cryptocurrency exchange @Bitstamp has earned in-principle regulatory approval from the @MAS_sg. By @JamieCrawleyCDhttps://t.co/zzZpz60mVW
— CoinDesk (@CoinDesk) March 6, 2024
Catalyst for Cryptocurrency Growth in Southeast Asia
The process of obtaining full licensing in Singapore has historically been rigorous and thorough. The most recent precedent was set by South Korean firm Upbit, which received its MPI license in January. Upbit's journey from in-principle approval to full licensing took approximately three and a half months, highlighting the careful evaluation and scrutiny involved in regulatory assessments.
European Banks Embrace Cryptocurrency
Last year, Bitstamp was in advanced negotiations with three major European banks to facilitate the launch of cryptocurrency services, with announcements anticipated in the first quarter of 2024, Finance Magnates reported. These discussions signal growing acceptance of digital assets in Europe, coinciding with the EU's regulatory push under MiCA.
Bitstamp's "Bitstamp-as-a-service" offering is garnering significant interest, providing white-label solutions for banks and fintech firms to enter the cryptocurrency market. Robert Zagotta, Bitstamp's Global Chief Commercial Officer, disclosed these developments during an interview with CoinDesk, highlighting the evolving landscape of traditional financial institutions embracing digital assets.
This article was written by Tareq Sikder at www.financemagnates.com.
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