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Bitstamp Scores in Singapore: Crypto Exchange Approved as Major Payment Institution

Last Updated March 6, 2024 11:57 AM
Teuta Franjkovic
Last Updated March 6, 2024 11:57 AM
By Teuta Franjkovic
Verified by Peter Henn

Key Takeaways

  • Bitstamp gets key license approval in Singapore.
  • This opens doors for Bitstamp to offer services to customers in Singapore and other selected countries.
  • This approval coincides with positive developments in the crypto market.

On March 6, European cryptocurrency exchange Bitstamp announced  its receipt of in-principle approval for a license application to provide digital asset services in Singapore.

This approval from the Monetary Authority of Singapore (MAS) for a major payment institution license marks a significant step forward for Bitstamp. Previously, the exchange had operates under an exemption from the Payment Services Act.

Bitstamp Gains Preliminary Approval for Digital Asset Services License

Leonard Hoh, the General Manager for Asia-Pacific at Bitstamp, highlighted  the significance of the in-principle approval. According to Hoh, it enables Bitstamp to offer cross-border money transfers and digital payment token exchange services in Singapore and select countries in Southeast Asia.

Bitstamp Global Chief Executive Jean-Baptiste Graftieaux, said development significantly advances the company’s goal of expanding its presence in key Asia-Pacific markets and around the world. Leonard Hoh also emphasized the impact of Singapore’s regulatory and commercial environment in promoting the wider adoption of digital assets.

He noted the exchange’s strong product fit within the evolving payments and stablecoin sector.

Approval Received Amidst Market Rebound and Regulatory Clarity

The exchange highlighted that the decision arrives during a period of market recovery. This coincides with the European Union’s anticipated solidification of its cryptocurrency framework in 2024 and the United States Securities and Exchange Commission’s (SEC) recent approval of Bitcoin exchange-traded funds (ETFs).

Bitstamp has been an infrastructure provider for Bitcoin and other major cryptocurrency markets since 2011. It is currently one of the six exchanges that supply market data for the CME CF Bitcoin Reference Rate, so that means it helps value spot Bitcoin ETFs in the United States.

Strengthening Stablecoin Embrace

In December 2023, Societe Generale-Forge, a subsidiary of French banking giant Societe Generale, chose Bitstamp  as its stablecoin platform. This move involved issuing the euro-pegged stablecoin, EUR CoinVertible  (EURCV), on the Ethereum blockchain.

Stablecoins, like the EURCV, are digital tokens typically tied to the value of major currencies on a one-to-one basis.

Bitstamp also announced its regulatory achievements, having secured its initial license in 2016 in Luxembourg. Since then, the exchange has expanded its footprint to boast over 50 licenses and registrations across key global markets. These include the United Kingdom, the Netherlands, and the US.

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