Bitstamp has become the first major European exchange to receive preliminary regulatory approval in Singapore.
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The Monetary Authority of Singapore (MAS) granted these initial regulatory sanctions to the cryptocurrency exchange.
Expansion of Bitstamp’s Services in Southeast Asia
Bitstamp, the cryptocurrency exchange, has announced its upcoming ability to offer digital payment token services in Southeast Asian cities, following the attainment of a Major Payment Institution (MPI) license. The company conveyed this news via email on Wednesday.
First EU-Based Exchange to Receive Preliminary Sanction in Singapore: Bitstamp proudly asserts itself as the “first cryptocurrency exchange with a significant presence in the European Union (EU) to obtain preliminary sanction in Singapore.” This regulatory milestone marks a significant achievement for the exchange in expanding its operations into the Southeast Asian market.
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Focus on Servicing Financial Institutions in Singapore: Bitstamp plans to prioritize servicing financial institutions and intermediaries, including payment processors, fintechs, and brokerages, in Singapore. By focusing on these entities, the exchange aims to establish a strong foothold and cater to the evolving needs of the financial landscape in the region.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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