Bitstamp exchange receives in-principle license approval in Singapore

Quick Take

  • Bitstamp said it plans to focus on providing services to institutions and intermediaries 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.   


Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Danny Park is an East Asia reporter at The Block writing on topics including Web3 developments and crypto regulations in the region. He was formerly a reporter at Forkast.News, where he actively covered the downfall of Terra-Luna and FTX. Based in Seoul, Danny has previously produced written and video content for media companies in Korea, Hong Kong and China. He holds a Bachelor of Journalism and Business Marketing from the University of Hong Kong.

Editor

To contact the editor of this story:
Timmy Shen at
[email protected]