World Crypto Global
- Written by: Tareq Sikder
- Wed, 06 Mar 2024
- Israel
Bitstamp, a European cryptocurrency exchange, has securedin-principle regulatory approval from the Monetary Authority of Singapore(MAS). It positions Bitstamp as the first major European crypto exchange toreceive such approval in Singapore, signaling a new era of expansion in theregion.MPI License Enables Digital Payment Token Services inSingaporeThe approval comes in the form of a Major PaymentInstitution (MPI) license, which will empower Bitstamp to offer digital paymenttoken services within Singapore. This announcement was conveyed through anofficial email today (Wednesday), underlining Bitstamp's focus on complianceand regulatory standards in its global operations.Bitstamp's entry into Singapore marks an addition to thecryptocurrency ecosystem in the city-state. With the MPI license, Bitstamp will be ableto cater to a diverse array of customers, including financial institutions,payments processors, fintech companies, and brokerages. The exchange aims toprovide comprehensive services to these entities, leveraging its expertise andexperience in the crypto space.European cryptocurrency exchange @Bitstamp has earned in-principle regulatory approval from the @MAS_sg. By @JamieCrawleyCDhttps://t.co/zzZpz60mVW CoinDesk (@CoinDesk) March 6, 2024Catalyst for Cryptocurrency Growth in Southeast AsiaThe process of obtaining full licensing in Singapore hashistorically been rigorous and thorough. The most recent precedent was set bySouth Korean firm Upbit, which received its MPI license in January. Upbit'sjourney from in-principle approval to full licensing took approximately threeand a half months, highlighting the careful evaluation and scrutiny involved inregulatory assessments.European Banks Embrace CryptocurrencyLast year, Bitstampwas in advanced negotiations with three major European banks to facilitatethe launch of cryptocurrency services, with announcements anticipated in thefirst quarter of 2024, FinanceMagnates reported. These discussions signal growing acceptance of digitalassets in Europe, coinciding with the EU's regulatory push under MiCA. Bitstamp's "Bitstamp-as-a-service" offering isgarnering significant interest, providing white-label solutions for banks andfintech firms to enter the cryptocurrency market. Robert Zagotta, Bitstamp'sGlobal Chief Commercial Officer, disclosed these developments during aninterview with CoinDesk, highlighting the evolving landscape of traditionalfinancial institutions embracing digital assets.This article was written by Tareq Sikder at www.financemagnates.com.
