Bitstamp, a European cryptocurrency exchange, has secured
in-principle regulatory approval from the Monetary Authority of Singapore
(MAS). It positions Bitstamp as the first major European crypto exchange to
receive such approval in Singapore, signaling a new era of expansion in the
region.
The approval comes in the form of a Major Payment
Institution (MPI) license, which will empower Bitstamp to offer digital payment
token services within Singapore. This announcement was conveyed through an
official email today (Wednesday), underlining Bitstamp’s focus to compliance
and regulatory standards in its global operations.
Bitstamp’s entry into Singapore marks an addition to the
cryptocurrency ecosystem in the city-state. With the MPI license, Bitstamp will be able
to cater to a diverse array of customers, including financial institutions,
payments processors, fintech companies, and brokerages. The exchange aims to
provide comprehensive services to these entities, leveraging its expertise and
experience in the crypto space.
European cryptocurrency exchange @Bitstamp has earned in-principle regulatory approval from the @MAS_sg. By @JamieCrawleyCDhttps://t.co/zzZpz60mVW
— CoinDesk (@CoinDesk) March 6, 2024
Catalyst for Cryptocurrency Growth in Southeast Asia
The process of obtaining full licensing in Singapore has
historically been rigorous and thorough. The most recent precedent was set by
South Korean firm Upbit, which received its MPI license in January. Upbit’s
journey from in-principle approval to full licensing took approximately three
and a half months, highlighting the careful evaluation and scrutiny involved in
regulatory assessments.
European Banks Embrace Cryptocurrency
Last year, Bitstamp
was in advanced negotiations with three major European banks to facilitate
the launch of cryptocurrency services, with announcements anticipated in the
first quarter of 2024, Finance
Magnates reported. These discussions signal growing acceptance of digital
assets in Europe, coinciding with the EU’s regulatory push under MiCA.
Bitstamp’s “Bitstamp-as-a-service” offering is
garnering significant interest, providing white-label solutions for banks and
fintech firms to enter the cryptocurrency market. Robert Zagotta, Bitstamp’s
Global Chief Commercial Officer, disclosed these developments during an
interview with CoinDesk, highlighting the evolving landscape of traditional
financial institutions embracing digital assets.
Bitstamp, a European cryptocurrency exchange, has secured
in-principle regulatory approval from the Monetary Authority of Singapore
(MAS). It positions Bitstamp as the first major European crypto exchange to
receive such approval in Singapore, signaling a new era of expansion in the
region.
The approval comes in the form of a Major Payment
Institution (MPI) license, which will empower Bitstamp to offer digital payment
token services within Singapore. This announcement was conveyed through an
official email today (Wednesday), underlining Bitstamp’s focus to compliance
and regulatory standards in its global operations.
Bitstamp’s entry into Singapore marks an addition to the
cryptocurrency ecosystem in the city-state. With the MPI license, Bitstamp will be able
to cater to a diverse array of customers, including financial institutions,
payments processors, fintech companies, and brokerages. The exchange aims to
provide comprehensive services to these entities, leveraging its expertise and
experience in the crypto space.
European cryptocurrency exchange @Bitstamp has earned in-principle regulatory approval from the @MAS_sg. By @JamieCrawleyCDhttps://t.co/zzZpz60mVW
— CoinDesk (@CoinDesk) March 6, 2024
Catalyst for Cryptocurrency Growth in Southeast Asia
The process of obtaining full licensing in Singapore has
historically been rigorous and thorough. The most recent precedent was set by
South Korean firm Upbit, which received its MPI license in January. Upbit’s
journey from in-principle approval to full licensing took approximately three
and a half months, highlighting the careful evaluation and scrutiny involved in
regulatory assessments.
European Banks Embrace Cryptocurrency
Last year, Bitstamp
was in advanced negotiations with three major European banks to facilitate
the launch of cryptocurrency services, with announcements anticipated in the
first quarter of 2024, Finance
Magnates reported. These discussions signal growing acceptance of digital
assets in Europe, coinciding with the EU’s regulatory push under MiCA.
Bitstamp’s “Bitstamp-as-a-service” offering is
garnering significant interest, providing white-label solutions for banks and
fintech firms to enter the cryptocurrency market. Robert Zagotta, Bitstamp’s
Global Chief Commercial Officer, disclosed these developments during an
interview with CoinDesk, highlighting the evolving landscape of traditional
financial institutions embracing digital assets.