Bitstamp Secures Preliminary Regulatory Approval

This marks Bitstamp as the first major EU-based exchange to receive such approval in Singapore.

The Monetary Authority of Singapore (MAS) has granted preliminary regulatory sanctions to the European cryptocurrency exchange.

The cryptocurrency exchange will soon be able to offer digital payment token services in Southeast Asian cities with the Major Payment Institution (MPI) license, the company announced via email on Wednesday.

Bitstamp asserts it is the “first cryptocurrency exchange with a significant presence in the European Union (EU) to obtain preliminary sanction in Singapore.”

Upbit, a South Korean company, was the last cryptocurrency exchange to acquire full licensing in Singapore. Approximately three and a half months after receiving in-principal approval, the exchange was granted its MPI license in January.

Bitstamp’s Focus on Financial Services

The cryptocurrency exchange stated that servicing financial institutions and intermediaries, including payment processors, fintechs, and brokerages, will be its primary focus in Singapore.