Written by: Claire Huang, THE STRAITSTIMES
Translated by: Gabriel, Techub News
Singapore - European cryptocurrency exchange Bitstamp has received in-principle approval to offer digital asset services in Singapore. The exchange announced on March 6 that it has received preliminary recognition from the Monetary Authority of Singapore (MAS) for its major payment institution license application. Prior to this, Bitstamp was operating under an exemption from the Payment Services Act. Leonard Hoh, General Manager of Bitstamp Asia Pacific, stated that under this legislation, the company will be able to provide cross-border remittance and digital payment token exchange services to customers in Singapore and some countries in the region.
The exchange's global CEO Jean-Baptiste Graftieaux stated that this progress further advances the company's layout in expanding into important markets in Asia Pacific and globally.
Leonard Hoh, General Manager of Asia Pacific, stated: "We believe that Singapore's proactive regulatory and business environment will help drive institutionalization and broader adoption of digital assets. We are well aware that in the rapidly evolving fields of payments and stablecoins, our product fit is very high, especially when collaborating with institutions that also hold licenses from highly recognized jurisdictions such as Singapore."
The company pointed out that this in-principle approval comes at a time when the market is recovering, with the EU expected to refine its cryptocurrency regulatory framework in 2024, and the U.S. Securities and Exchange Commission (SEC) having approved a Bitcoin exchange-traded fund (ETF).
