Bitstamp, one of the world’s long-standing crypto exchanges, is poised to join its competitors catering to users in Singapore.
The Monetary Authority of Singapore (MAS) has granted a provisional crypto license to crypto exchange Bitstamp as the platform expands its global footprint and presence in Asia.
According to a statement shared with crypto.news, the firm received the highly coveted Major Payment Institutional approval, allowing the firm to offer Digital Payment Token services in the Republic of Singapore.
The achievement marks Bitstamp as the first crypto exchange with a European presence to win authorization in Singapore. Additionally, the platform has secured regulatory approval in more than 50 jurisdictions worldwide, including the U.K. and the United States.
Singapore has been welcoming towards players in the digital assets space and we plan to operate as a locally licensed exchange to continue our growth as a trusted venue for market participants in the region.
Jean-Baptiste Graftieaux, Bitstamp Global CEO
Bitstamp to capture growing Singaporean crypto market
Along with a crypto-friendly approach to regulation, Singapore is also a hub of crypto activity and adoption in the region. Coinbase data states that over 57% of financially savvy locals are invested in cryptocurrencies. Users are also particularly interested in staking services, as previously cited by crypto.news.
Bitstamp’s APAC general manager, Leonard Hoh, said the move aligns with the need to support innovative regulation that could underpin the next wave of economic value in emerging markets. Hoh added that the crypto exchange is positioned as a trusted infrastructure provider to bootstrap mainstream digital asset adoption in the region.
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 centre for the digital assets ecosystem and its convergence with the broader financial services sector.
Leonard Hoh, Bitstamp APAC general manager