MAS advances Bitstamp toward Singapore crypto services

Bitstamp, a prominent cryptocurrency trading platform, has made significant headway in its expansion plans by securing in-principle approval from the Monetary Authority of Singapore (MAS) to function as a Major Payment Institution. This pivotal development paves the way for Bitstamp to offer digital payment token services within Singapore, edging closer to obtaining a full operational license in the city-state.

Bitstamp joins the ranks of regulated crypto exchanges in Singapore

Achieving in-principle approval from MAS showcases Bitstamp’s dedication to meeting stringent regulatory standards and broadening its services in the Asian market. Singapore’s reputation as a leader in creating a conducive regulatory environment for digital asset exchanges draws major industry players to its shores. Bitstamp’s move to join this elite group reflects its ambition to become a key player in the region’s thriving digital assets market. Leonard Hoh, APAC general manager at Bitstamp, lauded Singapore for its balanced regulatory approach that promotes innovation while safeguarding financial stability and consumer interests.

Bitstamp’s strategic efforts to extend its global reach are evident, with the platform holding numerous licenses and registrations across different regions, including the UK, the Netherlands, France, and the United States. Singapore’s acceptance of leading crypto service providers like Blockchain.com, Circle, Coinbase, and Ripple with full licenses underscores the city-state’s progressive stance on cryptocurrency and blockchain technology.

Advancing Singapore’s digital finance ecosystem

Bitstamp’s attainment of the MAS’s in-principle approval not only strengthens its regulatory standing but also bolsters Singapore’s position as a premier global center for digital finance. Complying with the MAS’s rigorous criteria, Bitstamp is gearing up to provide secure, regulated digital payment token services, bridging the gap between the digital and traditional financial sectors in Singapore.

This advancement is poised to positively influence the cryptocurrency industry’s growth and sophistication, setting a precedent for other exchanges aiming to operate within regulated environments. Bitstamp’s commitment to regulatory compliance and its aim to lead the digital assets revolution is clear. As the company moves towards securing a full license, its operations in Singapore are expected to enrich the dynamic and secure digital assets ecosystem significantly.

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