Crypto Exchange Bitstamp Secures In-Principle Approval from MAS

Cryptocurrency change Bitstamp introduced it has obtained an in-principle approval from the Financial Authority of Singapore (MAS) to function beneath the Main Fee Establishment license.

This regulatory milestone permits Bitstamp to supply digital fee token providers in compliance with the Fee Companies Act in Singapore.

Bitstamp will deal with serving establishments and intermediaries corresponding to fee processors, fintechs and brokerages within the island-state.

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

Since buying its inaugural license in Luxembourg in 2016, Bitstamp has expanded its regulatory compliance throughout main markets, together with the UK, Luxembourg, the Netherlands, Italy, Spain, France, and the US, overlaying 40 states like New York, Washington, Texas, and Florida.

Bitstamp claims to be the primary cryptocurrency change with a major EU presence to safe such approval in Singapore.

Jean-Baptiste Graftieaux

Jean-Baptiste Graftieaux, International CEO of Bitstamp mentioned,

“Attaining the in-principle approval from the Financial Authority of Singapore brings Bitstamp a step ahead in our quest to develop our footprint throughout essential markets in APAC and globally.

 

Singapore has been welcoming in the direction of gamers within the digital belongings house and we plan to function as a domestically licenced change to proceed our progress as a trusted venue for market contributors within the area.”

Leonard Hoh

Leonard Hoh, APAC Basic Supervisor of Bitstamp mentioned,

“Singapore was a primary mover when it got here to establishing a regulatory framework for crypto exchanges and we see that management persevering with to cement Singapore’s future as a middle for the digital belongings ecosystem and its convergence with the broader monetary providers sector.

 

This helps our compliance-forward proposition and perception within the want for wise regulation to underpin the following wave of financial worth and mainstream adoption.”