Bitstamp, a crypto exchange has recently 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 Bitstamp’s commitment to regulatory compliance but also signifies its readiness to serve institutions and intermediaries within Singapore’s digital assets ecosystem. By aligning with the Payment Services Act in Singapore, Bitstamp aims to establish itself as a trusted player in the region’s burgeoning crypto market.

Jean-Baptiste Graftieaux, the Global CEO of Bitstamp, expressed excitement about the approval, emphasizing its strategic importance in the company’s 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.

Singapore’s Regulatory Leadership and Bitstamp’s Compliance Journey

Leonard Hoh, APAC General Manager of Bitstamp, lauded Singapore’s regulatory framework for crypto exchanges, acknowledging the nation’s proactive approach in creating a conducive environment for digital assets innovation. Bitstamp’s 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 Bitstamp’s 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 Bitstamp’s commitment to operating within established regulatory frameworks and fostering trust among its users and partners.

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Bitstamp’s 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 Bitstamp’s 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.

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The post Bitstamp Secures MAS Approval for Digital Payment Token Services appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am