Bitstamp Obtains In-Principle Approval from Monetary Authority of Singapore (MAS)
Bitstamp, a renowned cryptocurrency exchange, has achieved a significant milestone by obtaining an in-principle approval from the Monetary Authority of Singapore (MAS) to operate under the Major Payment Institution license. This approval not only highlights Bitstampโs commitment to regulatory compliance but also signifies its readiness to serve institutions and intermediaries within Singaporeโs digital assets ecosystem. By aligning with the Payment Services Act in Singapore, Bitstamp aims to establish itself as a trusted player in the regionโs burgeoning crypto market.
Jean-Baptiste Graftieaux, the Global CEO of Bitstamp, expressed excitement about the approval, emphasizing its strategic importance in the companyโs expansion plans. He noted that this regulatory milestone brings Bitstamp closer to its goal of extending its footprint across vital markets in the Asia-Pacific (APAC) region and beyond. With the approval in hand, Bitstamp is well-positioned to capitalize on the growing demand for digital payment token services in Singapore and strengthen its presence in the global cryptocurrency landscape.
Singaporeโs Regulatory Leadership and Bitstampโs Compliance Journey
Leonard Hoh, APAC General Manager of Bitstamp, lauded Singaporeโs regulatory framework for crypto exchanges, acknowledging the nationโs proactive approach in creating a conducive environment for digital assets innovation. Bitstampโs journey towards regulatory compliance began in 2016 with its initial licensing in Luxembourg and has since expanded to cover major markets worldwide, including the UK, the United States, and various European countries.
The recent approval from MAS solidifies Bitstampโs reputation as a compliant and forward-thinking cryptocurrency exchange. By securing recognition in Singapore, Bitstamp claims a significant milestone as the first exchange with a substantial EU presence to achieve such recognition in the country. This accomplishment underscores Bitstampโs commitment to operating within established regulatory frameworks and fostering trust among its users and partners.
Bitstampโs Vision and Roadmap Ahead
With the regulatory green light from MAS, Bitstamp is poised for further growth and expansion in the APAC region and beyond. This approval not only strengthens Bitstampโs global standing but also reinforces its dedication to regulatory compliance and maintaining high standards of transparency and security. Looking ahead, Bitstamp aims to leverage its regulatory achievements to drive innovation and continue serving as a trusted platform for market participants worldwide.
As Bitstamp embarks on its next phase of growth, the company remains committed to its core values of integrity, transparency, and customer-centricity. By staying true to these principles and adapting to the evolving regulatory landscape, Bitstamp aims to play a leading role in shaping the future of digital finance and democratizing access to cryptocurrencies for users around the globe.
Hot Take: Bitstamp Receives In-Principle Approval from MAS
Bitstamp, a prominent cryptocurrency exchange, has received an in-principle approval from the Monetary Authority of Singapore (MAS) to operate under the Major Payment Institution license. This approval highlights Bitstampโs commitment to regulatory compliance and readiness to serve Singaporeโs digital assets ecosystem. With this milestone achieved, Bitstamp is well-positioned to capitalize on the growing demand for digital payment token services in Singapore and strengthen its global presence in the crypto market.
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