One of the oldest surviving cryptocurrency exchanges in the world, Bitstamp, has received its in-principle approval (IPA) from the Monetary Authority of Singapore (MAS) for its major payments institution licence (MPI) on Mar 6.
The exchange, which was founded in Slovenia in 2011 and based in Luxembourg, has been operating under an exemption from the payment services act, an entitlement offered to exchanges who applied for the licence before July 2020.
The full licence will allow players to offer digital payment tokens — or cryptocurrencies services to individuals and institutions.
The news comes on the back of Singapore proposing to tighten regulations around crypto trading among retail investors last November, which will come into full effect mid-2024, according to the state regulator.
Bitstamp says in a release dated Mar 6, that it will focus on serving institutions and intermediaries such as payment processors, fintechs and brokerages, once it obtains its full approval.
It currently holds over 50 licences and registrations globally, in regions like the US, Luxembourg and the UK.
See also: Bitcoin resumes advance, rekindles US$100,000 milestone optimism
Meanwhile, several other global exchanges have in the past year, successfully obtained their MPI from the MAS. In January, Upbit, an exchange with ties to one of South Korea’s largest exchanges, received its full licence.
Last year, Coinbase, Sygnum and Ripple were awarded full licences in October, shortly after one another.
The exchange’s global CEO, Jean-Baptiste Graftieaux, says that Singapore has been welcoming towards players in the digital assets space and they plan to operate as a locally licenced exchange to continue their growth as a trusted venue for market participants in the region.
“I'm excited that we have achieved this important milestone in Singapore, and am proud that we are the first exchange with a major European presence to do so,” he adds.
