European cryptocurrency exchange Bitstamp has marked a significant milestone by receiving in-principle approval from the Monetary Authority of Singapore (MAS). This nod from MAS paves the way for Bitstamp to begin offering digital payment token services in Singapore, a strategic move highlighted in a recent announcement. By securing this approval, Bitstamp positions itself as the first crypto exchange with a major presence in the European Union to make such a breakthrough in the Southeast Asian market.
This development follows the full licensing of South Korean crypto exchange Upbit by Singapore authorities in January, approximately three and a half months after it too received in-principle approval. The in-principle approval is a precursor to obtaining the Major Payment Institution (MPI) license, which is crucial for operating legally in the city-state.
Bitstamp has outlined its strategy for the Singapore market, focusing primarily on catering to financial institutions and intermediaries. This includes providing services to payments processors, fintech companies, and brokerages, indicating a targeted approach to its expansion in the region. With this strategic move, Bitstamp is not just broadening its geographical footprint but also reinforcing its position within the global crypto exchange landscape.
