- This move furthers the goal of increasing its presence in key Asia-Pacific markets.
- The in-principle approval coincides with a period of market recovery.
Bitstamp, a cryptocurrency exchange based in Europe, has received preliminary regulatory clearance from Singapore’s Monetary Authority (MAS). The exchange will soon be authorized to provide digital payment token services in the region thanks to the Major Payment Institution (MPI) license, according to an email release on Wednesday.
Bitstamp boasts that it was the first cryptocurrency exchange with a significant presence in the European Union (EU) to get in-principle permission in Singapore. Upbit, a South Korean crypto exchange, was the latest to get complete licensing in Singapore. The company received its MPI license in January, almost 3.5 months after obtaining in-principle approval.
Strategic Expansion
In Singapore, Bitstamp plans to primarily target payment processors, fintechs, and brokerages, among other financial institutions and intermediaries.
According to the Asia-Pacific general manager of the exchange, Mr. Leonard Hoh, the Act will allow the company to provide digital payment token exchange services and cross-border money transfers to clients in Singapore and a few other countries in the region.
According to the exchange’s global chief executive, Mr. Jean-Baptiste Graftieaux, this move furthers the company’s goal of increasing its presence in key Asia-Pacific and global markets.
The business made note of the fact that the in-principle approval coincides with a period of market recovery, as the crypto framework in the EU is anticipated to become more rigid in 2024 and Bitcoin exchange-traded funds (ETFs) have been approved by the U.S SEC.
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