The Monetary Authority of Singapore (MAS) has granted cryptocurrency exchange Bitstamp, based in Europe, regulatory permission in principle.
A Wednesday email statement stated that Bitstamp would soon be able to provide digital payment token services in the city state of Southeast Asia thanks to the Major Payment Institution (MPI) licence.
According to its own description, Bitstamp is the “first cryptocurrency exchange with significant presence in the European Union (EU) to secure in-principle approval in Singapore.”
In January, some three and a half months after obtaining in-principle clearance, South Korean company Upbit became the final cryptocurrency exchange to receive complete licencing in Singapore.
Serving financial institutions and intermediaries, including brokerages, fintechs, and payment processors, will be Bitstamp’s primary priority in Singapore, the company announced.