Crypto News- Bitstamp, the leading European cryptocurrency exchange, has just cleared a significant hurdle in its expansion plans. The Monetary Authority of Singapore (MAS) has granted Bitstamp in-principle regulatory approval, marking a major milestone for the company’s ambitions in Southeast Asia.
This approval paves the way for Bitstamp to obtain a Major Payment Institution (MPI) license, allowing it to provide digital payment token services in Singapore. In an emailed announcement on Wednesday, Bitstamp highlighted its distinction as the first crypto exchange with a significant presence in the European Union (EU) to secure such approval in Singapore.
European Crypto Giant Bitstamp Clears Regulatory Hurdle for Singapore Entry
The significance of this approval is underscored by the fact that the last crypto exchange to achieve full licensing in Singapore was Upbit, a South Korean firm. Upbit received its MPI license approximately three and a half months after securing in-principle approval.
Bitstamp intends to focus its efforts in Singapore on catering to the needs of financial institutions and intermediaries. This includes serving as a partner for payments processors, fintech companies, and brokerages.
With regulatory approval in hand, Bitstamp is poised to play a pivotal role in Singapore’s evolving crypto landscape, further solidifying its position as a global leader in the cryptocurrency exchange industry.
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