Bitstamp Secures In-Principle Approval for Digital Asset Services License in Singapore
European cryptocurrency exchange Bitstamp has received in-principle approval for its license application to offer digital asset services in Singapore.
The approval, granted by the Monetary Authority of Singapore (MAS), allows Bitstamp to establish its presence in key markets in the Asia-Pacific region and globally, according to a Wednesday report by The Straits Times .
Previously operating under an exemption from the Payment Services Act, Bitstamp has now obtained preliminary approval for a major payment institution license.
This license will enable the exchange to provide cross-border money transfer and digital payment token exchange services to customers in Singapore and selected countries across the region.
Leonard Hoh, Bitstamp’s Asia-Pacific General Manager, highlighted the positive regulatory and commercial landscape in Singapore, which supports the institutionalization and broader adoption of digital assets.
“We know that we have a strong product fit for the developing payments and stablecoin arena, especially when partnering with institutions seeking out counterparties that are similarly licensed in highly regarded jurisdictions like Singapore.”
The in-principle approval arrives at a time when the crypto market is experiencing a rebound.
With the European Union expected to solidify its regulatory framework for cryptocurrencies in 2024 and the United States Securities and Exchange Commission (SEC) approving Bitcoin exchange-traded funds (ETFs), the market is poised for further growth and mainstream adoption.
Bitstamp has been a critical infrastructure provider for Bitcoin markets and other large-cap cryptocurrencies since 2011.
The exchange is among the six platforms that provide market data for the
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