Bitstamp exchange receives in-principle license approval in Singapore

Crypto exchange Bitstamp announced Wednesday that it has received the in-principle approval for a license to operate as a Major Payment Institution from the Monetary Authority of Singapore (MAS). 

The in-principle approval, which precedes a full license to operate in Singapore, brings Bitstamp a step closer to offering digital payment token services in the city-state. The exchange said in its press release that it is the first crypto trading platform with a major presence in the EU to obtain such a license from the MAS.

“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,” Leonard Hoh, APAC general manager of Bitstamp, said in the statement.

The Singaporean authorities have already given the full license to several crypto service providers, including Blockchain.com, Circle, Coinbase and Ripple. 

Founded in 2011, Bitstamp said it holds over 50 licenses and registrations in jurisdictions across the globe, including the UK, the Netherlands, France and 40 states in the U.S., according to its statement.