Bitstamp has received in-principle approval for a major payment institution license in Singapore. This milestone enables the European cryptocurrency exchange to offer digital asset services in the region. The development is seen as a significant step for Bitstamp and the wider adoption of cryptocurrencies.

The leading cryptocurrency exchange in Europe, Bitstamp, just reached a noteworthy milestone in Singapore. The exchange’s application for a licence to offer digital asset services in the city-state has been approved in principle. Bitstamp is now able to provide its services to clients in Singapore and a few other Southeast Asian nations thanks to the Monetary Authority of Singapore’s (MAS) acceptance of a significant payment institution licence.

Having previously operated under a Payment Services Act exemption, Bitstamp can now expand its footprint in the area and support the increasing use of digital assets thanks to this new licence.

Bitstamp’s License Approval

The Monetary Authority of Singapore (MAS) has granted Bitstamp the in-principle acceptance of its licence application, marking a significant milestone in the company’s history. Bitstamp is able to extend its digital asset services in Singapore thanks to the approval of a substantial payment institution licence, which is a game-changer for the company. In the past, Bitstamp functioned under a Payment Services Act exemption. But Bitstamp may now provide a broader range of services thanks to this new licence, strengthening its position in the cutthroat bitcoin exchange market. This accreditation is a testament to Bitstamp’s compliance record and commitment to offering its clients safe, regulated services.

The certification of Bitstamp coincides with encouraging trends in the crypto market. By 2024, the European Union should have strengthened its cryptocurrency regulations, giving the market more stability and clarity. The recent approval of Bitcoin exchange-traded funds (ETFs) by the US Securities and Exchange Commission (SEC) has also contributed to the optimistic outlook. One of the six exchanges that provide market data for the CME CF Bitcoin Reference Rate is Bitstamp, a significant participant in the Bitcoin market since 2011. 

Strengthening Stablecoin Adoption

The Ethereum network will host the euro-pegged stablecoin EUR CoinVertible (EURCV), which Bitstamp and Societe Generale-Forge, a division of Societe Generale, a French financial conglomerate, jointly issued in December 2023. This relationship demonstrates the growing significance of stablecoins in the ecosystem of digital assets. Digital tokens known as stablecoins, such as EURCV, are generally correlated with the values of major currencies and offer stability and dependability amidst the frequently unstable cryptocurrency market. Its participation in the stablecoin industry further cements Bitstamp’s standing as a progressive and creative exchange.

Bitstamp obtained its first licence in Luxembourg in 2016 and has a solid history of adhering to regulations. Since then, the exchange has increased its footprint throughout the world, now holding over 50 licences and registrations in important countries like the US, the UK, and the Netherlands. Bitstamp’s commitment to working within the legal frameworks of various nations, safeguarding its clients’ security and trust, is evidenced by its vast regulatory footprint. The latest clearance in Singapore strengthens Bitstamp’s position as a top cryptocurrency exchange by adding to its already impressive portfolio of licences.

Expansion Plans and Market Impact

Bitstamp intends to strategically position itself to meet the growing demand for digital asset services by expanding its reach in Asia-Pacific with the new licence. This development could have a significant impact on the whole bitcoin market and support Bitstamp’s objectives to strengthen its position globally. Bitstamp can make cryptocurrencies more accessible and widely used by providing cross-border money transfer services and digital payment token exchange in Singapore and a few other Southeast Asian countries. 

Positive feedback on Bitstamp’s licence acceptance in Singapore has come from the cryptocurrency community. Cryptocurrency enthusiasts and industry insiders see this breakthrough as a significant advancement towards the widespread use of cryptocurrencies. The clearance shows how the regulatory environment is developing and how digital assets are becoming more widely accepted in traditional financial institutions. Many think that Bitstamp’s Asia-Pacific expansion will help the exchange and the broader expansion and stability of the cryptocurrency market.

Kelly
Kelly

Kelly has carved a niche in the dynamic world of Web3 over the past three years, combining her talents in marketing and writing to become a standout Web3 copywriter. Her journey in this innovative field is distinguished by her profound engagement with the decentralized technology landscape. Kelly’s creative prowess, coupled with her deep understanding of Web3, enables her to create compelling narratives that resonate deeply within the blockchain community. Beyond writing, Kelly’s marketing acumen has been instrumental in elevating various Web3 marketing projects, making them prominent in the realm of digital innovation.