Hassan Maishera
TL;DR
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Bitstamp has received an in-principle license to operate in Singapore.
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The crypto exchange intends to provide services to institutions and intermediaries in Singapore.
Bitstamp to Focus on Institutions in Singapore
Crypto exchange Bitstamp announced Wednesday that it has received the in-principle approval to operate in Singapore. The crypto exchange can operate as a Major Payment Institution and the license was issued by the Monetary Authority of Singapore (MAS).
The approval, which comes before a full license to operate in Singapore, brings the cryptocurrency exchange one step closer to offering digital asset services in the country. Bitstamp pointed out that it is the first crypto trading platform with a major presence in the EU to obtain such a license from the MAS.
While commenting on this latest development, 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.”
If given full license, Bitstamp will be joining an elite company that comprises the leading crypto service providers, including Blockchain.com, Circle, Coinbase and Ripple.
Bitstamp has been around since 2011 and currently holds over 50 licenses and registrations in jurisdictions across the globe, including the UK, the Netherlands, France and 40 states in the U.S.
