Cryptocurrency exchange Bitstamp announced it has obtained an in-principle approval from the Monetary Authority of Singapore (MAS) to operate under the Major Payment Institution license.

This regulatory milestone allows Bitstamp to offer digital payment token services in compliance with the Payment Services Act in Singapore.

Bitstamp will focus on serving institutions and intermediaries such as payment processors, fintechs and brokerages in the island-state.

With this approval, Bitstamp bolsters its global regulatory footprint with a total of 52 licenses and registrations worldwide.

Since acquiring its inaugural license in Luxembourg in 2016, Bitstamp has expanded its regulatory compliance across major markets, including the UK, Luxembourg, the Netherlands, Italy, Spain, France, and the United States, covering 40 states like New York, Washington, Texas, and Florida.

Bitstamp claims to be the first cryptocurrency exchange with a significant EU presence to secure such approval in Singapore.

Jean-Baptiste Graftieaux, Global CEO of Bitstamp said,

“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.

Singapore has been welcoming towards players in the digital assets space and we plan to operate as a locally licenced exchange to continue our growth as a trusted venue for market participants in the region.”

Leonard Hoh, APAC General Manager of Bitstamp said,

“Singapore was a first mover when it came to establishing a regulatory framework for crypto exchanges and we see that leadership continuing to cement Singapore’s future as a center for the digital assets ecosystem and its convergence with the broader financial services sector.

This supports our compliance-forward proposition and belief in the need for sensible regulation to underpin the next wave of economic value and mainstream adoption.”

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• Source: https://fintechnews.sg/89721/crypto/crypto-exchange-bitstamp-secures-in-principle-approval-from-mas/