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Luxembourg-headquartered cryptocurrency exchange Bitstamp has achieved a significant milestone by receiving in-principle approval from the Monetary Authority of Singapore (MAS) to offer Digital Payment Token services within the republic.
With this approval, Bitstamp is set to join the ranks of major payment institutions in Singapore, regulated under the Payment Services Act. As of February 2024, MAS has given the green light to 19 crypto service providers, 17 of which hold Major Payment Institution licensees and two with Standard Payment Institution licenses.
This development marks a crucial step in Bitstamp's expansion strategy, particularly in the Asia-Pacific (APAC) region, and underscores Singapore's position as a leading hub for digital asset innovation and regulation. The company said it will focus on serving institutions and intermediaries such as payment
processors, fintechs, and brokerages, further solidifying its presence in the institutional digital asset space.
The exchange, which already boasts over 50 licenses and registrations across various global jurisdictions including the United States, Luxembourg, and the United Kingdom, is now poised to extend its services to institutions and intermediaries within Singapore.
Blockhead
The timing of MAS’s approval coincides with significant regulatory developments in the digital asset sector worldwide, including the European Union’s implementation of the MiCA framework and the United States Securities and Exchange Commission’s (SEC) approval of Bitcoin ETFs. Bitstamp's achievement of in-principle approval in Singapore, as the first crypto exchange with a major presence in the EU to do so, is expected to facilitate greater collaboration between the two jurisdictions.
"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," Jean-Baptiste Graftieaux, global CEO of Bitstamp, said in a statement. He highlighted Singapore’s open stance towards digital asset players and Bitstamp’s commitment to operating as a locally licensed exchange to foster trust among market participants in the region.
Since receiving its first license in Luxembourg in 2016, Bitstamp has accumulated a comprehensive portfolio of over 50 licenses and registrations, enabling it to operate in key markets around the world, including the UK, Luxembourg, Netherlands, Italy, Spain, France, and the United States.
Leonard Hoh, APAC general manager of Bitstamp, also commented on the strategic importance of Singapore in the digital assets ecosystem, noting the country's early adoption of a regulatory framework for crypto exchanges.
“Singapore’s leadership continues to cement its future as a centre for the digital assets ecosystem and its convergence with the broader financial services sector,” Hoh said. He also pointed out the growing institutional participation in the APAC region, spurred by regulatory clarity and the emergence of trusted infrastructure providers.
