Crypto exchange Bitstamp, backed by Robinhood, has received a major payment institution license from Singapore's financial authorities, opening new opportunities for its operations in the region.
License from Financial Authorities in Singapore
According to a press release issued on July 3, Bitstamp has obtained an MPI license from the Monetary Authority of Singapore (MAS). This license permits the provision of payment services without meeting strict transaction volume requirements.
Business Expansion in the Asia-Pacific Region
The license acquisition marks the company's initial step in expanding its business into the Asia-Pacific region. Bitstamp has established a team in Singapore to assist with local market insights and strategic partnerships.
Regulatory Changes in Singapore's Crypto Industry
The issuance of the license occurs against a backdrop of stringent regulatory changes in Singapore, where MAS has instructed unlicensed crypto firms to cease operations by June 30 this year. This has raised concerns about possible firm exodus from the country.
The license acquisition is a significant milestone for Bitstamp as it aligns with the company's strategy to broaden its services in the Asia-Pacific region, especially amid increasing regulatory demands in Singapore.
