Crypto Exchange Bitstamp Secures In-Principle Approval from MAS

Cryptocurrency speech Bitstamp announced it has obtained an in-principle support from nan Monetary Authority of Singapore (MAS) to run nether nan Major Payment Institution license.

This regulatory milestone allows Bitstamp to connection integer costs token services successful compliance pinch nan Payment Services Act successful Singapore.

Bitstamp will attraction connected serving institutions and intermediaries specified arsenic costs processors, fintechs and brokerages successful nan island-state.

With this approval, Bitstamp bolsters its world regulatory footprint pinch a full of 52 licenses and registrations worldwide.

Since acquiring its inaugural licence successful Luxembourg successful 2016, Bitstamp has expanded its regulatory compliance crossed awesome markets, including nan UK, Luxembourg, nan Netherlands, Italy, Spain, France, and nan United States, covering 40 states for illustration New York, Washington, Texas, and Florida.

Bitstamp claims to beryllium nan first cryptocurrency speech pinch a important EU beingness to unafraid specified support successful Singapore.

Jean-Baptiste Graftieaux, Global CEO of Bitstamp said,

“Attaining nan in-principle support from nan Monetary Authority of Singapore brings Bitstamp a measurement guardant successful our quest to grow our footprint crossed important markets successful APAC and globally.

 

Singapore has been welcoming towards players successful nan integer assets abstraction and we scheme to run arsenic a locally licenced speech to proceed our maturation arsenic a trusted venue for marketplace participants successful nan region.”

Leonard Hoh, APAC General Manager of Bitstamp said,

“Singapore was a first mover erstwhile it came to establishing a regulatory model for crypto exchanges and we spot that activity continuing to cement Singapore’s early arsenic a halfway for nan integer assets ecosystem and its convergence pinch nan broader financial services sector.

 

This supports our compliance-forward proposition and belief successful nan request for sensible regularisation to underpin nan adjacent activity of economical worth and mainstream adoption.”

The station Crypto Exchange Bitstamp Secures In-Principle Approval from MAS appeared first connected Fintech Singapore.