Cryptocurrency alternate Bitstamp introduced it has obtained an in-principle approval from the Financial Authority of Singapore (MAS) to function beneath the Main Cost Establishment license.
This regulatory milestone permits Bitstamp to supply digital cost token providers in compliance with the Cost Companies Act in Singapore.
Bitstamp will give attention to serving establishments and intermediaries similar to cost processors, fintechs and brokerages within the island-state.
With this approval, Bitstamp bolsters its international regulatory footprint with a complete of 52 licenses and registrations worldwide.
Since buying its inaugural license in Luxembourg in 2016, Bitstamp has expanded its regulatory compliance throughout main markets, together with the UK, Luxembourg, the Netherlands, Italy, Spain, France, and america, masking 40 states like New York, Washington, Texas, and Florida.
Bitstamp claims to be the primary cryptocurrency alternate with a big EU presence to safe such approval in Singapore.
Jean-Baptiste Graftieaux
Jean-Baptiste Graftieaux, International CEO of Bitstamp stated,
“Attaining the in-principle approval from the Financial Authority of Singapore brings Bitstamp a step ahead in our quest to increase our footprint throughout essential markets in APAC and globally.
Singapore has been welcoming in the direction of gamers within the digital belongings area and we plan to function as a domestically licenced alternate to proceed our development as a trusted venue for market members within the area.”
Leonard Hoh
Leonard Hoh, APAC Normal Supervisor of Bitstamp stated,
“Singapore was a primary mover when it got here to establishing a regulatory framework for crypto exchanges and we see that management persevering with to cement Singapore’s future as a middle for the digital belongings ecosystem and its convergence with the broader monetary providers sector.
This helps our compliance-forward proposition and perception within the want for smart regulation to underpin the following wave of financial worth and mainstream adoption.”
