According to the VR Soldier analysts, the cryptocurrency exchange Bitstamp has achieved a major win, securing in-principle approval from the Monetary Authority of Singapore (MAS) to operate under the Major Payment Institution license. On the other hand, this approval signifies not only Bitstamp’s dedication to adhering to regulations but also its readiness to serve institutions and intermediaries within Singapore’s digital asset ecosystem. By aligning with the Payment Services Act in Singapore, Bitstamp aims to solidify its position as a reliable player in the region’s burgeoning cryptocurrency market.
Expressing his enthusiasm about the approval, Jean-Baptiste Graftieaux, Bitstamp’s Global CEO, highlighted its strategic significance for the company’s expansion plans. Also, he pointed out that this regulatory achievement brings Bitstamp closer to its objective of extending its presence across key markets in the Asia-Pacific (APAC) region and beyond.
With the approval in hand, Bitstamp is well-positioned to leverage the growing demand for digital payment token services in Singapore and strengthen its foothold in the global cryptocurrency landscape.
Singapore Regulations: The Compliance Journey
Leonard Hoh, APAC General Manager of Bitstamp, commended Singapore’s regulatory framework for crypto exchanges, acknowledging the nation’s proactive approach in establishing a favorable environment for innovation in digital assets. Bitstamp’s journey towards ensuring regulatory compliance commenced in 2016 with its initial licensing in Luxembourg and has since expanded to encompass major markets worldwide, including the UK, the United States, and various European countries.
The recent approval from MAS solidifies Bitstamp’s reputation as a compliant and forward-thinking cryptocurrency exchange. By securing recognition in Singapore, Bitstamp claims a significant achievement as the first exchange with a substantial EU presence to achieve such recognition in the country. This accomplishment underscores Bitstamp’s commitment to operating within established regulatory frameworks and fostering trust among its users and partners.
About Bitstamp
The Bitstamp exchange is a trading platform for buying and selling cryptocurrencies for fiat money. The available cryptocurrencies are Bitcoin, Litecoin, Ethereum, Bitcoin Cash and Ripple. The platform strives to provide both retail users and institutional investors with a secure and simple trading environment. Today, Bitstamp is regularly used by more than three million traders from around the world.
The headquarter of the company is located in Luxembourg, and initially the project was focused specifically on Europe. All deposits are made through the European Union’s single payment area, as a mechanism for transferring funds between European bank accounts.
Bitstamp has also a mobile application with a user-friendly interface, and it includes advanced trading tools. Suitable for both beginners and experienced users. In addition, through the application you can send funds without commission to anywhere in the world.
