Bitstamp announced that it received the In-Principle Approval (IPA) from the Monetary Authority of Singapore (MAS).
According to an update from Bitstamp, this is considered to be “a crucial step towards obtaining our Major Payment Institution license.”
IPA paves the way for Bitstamp to “provide digital payment token services in Singapore, all in compliance with the republic’s Payment Services Act.”
The firm claims that this is “a significant strategic move that reflects their commitment to compliance and supporting the growth of the evolving global landscape.”
Their primary focus within Singapore will be “on serving institutions including intermediaries such as payment processors, fintech companies and brokerages.”
This approval comes at a key time for the market, with this year seeing “the implementation of the European Union’s (EU) MiCA framework and the and the approval of Bitcoin ETFs in the US.”
Bitstamp says it is confident about their proposition for institutional and retail customers they serve in the Asia-Pacific region, with Singapore at the core of their strategy.
Bitstamp received its first license in 2016 in Luxembourg.
Today, they reportedly hold 50+ licenses and registrations globally, “including markets like Luxembourg, the Netherlands, Italy, Spain, France, the United States (covering 40 states, including New York, Washington, Texas, and Florida), and the United Kingdom.”
Bitstamp added that they remain steadfast in their mission “to drive the adoption of crypto while upholding the highest standards of security and compliance.”
As covered, Bitstamp claims that it is “the world’s longest-running cryptocurrency exchange, continuously supporting the Bitcoin economy since 2011.”
With a “proven” track record and mature approach to the industry, Bitstamp explains that it provides “a secure and transparent venue to over four million customers and enables partners to access emerging crypto markets through time-proven infrastructure.”
Their global presence has allowed them to reportedly “become one of the most regulated crypto exchanges in the world supported by around 500 people.”
Bitstamp says they have offices in Luxembourg, Singapore, Slovenia, the UK and the US.
