Cryptocurrency exchange Bitstamp has announced that it has received a license from the Monetary Authority of Singapore (MAS), which is part of its strategy for expansion into the Asia-Pacific region.
License for Bitstamp
Bitstamp has announced that it has received a license to provide services to residents of Singapore. This event allows the exchange to expand its presence in the Asia-Pacific region and attract new clients.
New Rules in Singapore
In June, the Monetary Authority of Singapore (MAS) mandated that all crypto exchanges serving overseas customers obtain a license. Exchanges that fail to comply risk losing their operational rights in the country. MAS also noted that obtaining a license would be a challenging process due to higher risks of money laundering.
Singapore as a Crypto Hub
Despite new restrictions, Singapore continues to develop as a crypto hub in the Asia-Pacific region, alongside Hong Kong. In 2024, MAS approved twice as many applications from crypto businesses as in 2023. However, local cryptocurrency adoption remains low, with only 29% of Singaporeans claiming to have ever owned cryptocurrency.
The licensing of Bitstamp is an important step for the development of the crypto market in Singapore; however, local cryptocurrency popularity is still relatively low.
