Bitstamp, now a subsidiary of Robinhood, has obtained a Major Payment Institution license from the Monetary Authority of Singapore, paving the way for new opportunities in the region.
MAS License for Bitstamp
Bitstamp has received a Major Payment Institution license from the Monetary Authority of Singapore (MAS), which allows it to legally provide regulated digital asset services in the country. This license is significant for the company as it allows for expanded operations in the Asia-Pacific market, offering stablecoin-based services while enhancing compliance and security measures.
Robinhood's Strategic Goal
Following the acquisition, Robinhood Crypto’s General Manager, Johann Kerbrat, stated: > "Through this strategic combination, we are better positioned to expand our footprint outside of the US and welcome institutional customers to Robinhood." Bitstamp's CEO, JB Graftieaux, emphasized that "bringing Bitstamp’s platform and expertise into Robinhood’s ecosystem will give users an enhanced trading experience with a continuing commitment to compliance, security, and customer-centricity."
Impact on Singapore's Crypto Market
The license granted to Bitstamp is expected to positively impact activity in the local cryptocurrency market. Previous instances of similar approvals for exchanges, such as Coinbase, have historically resulted in increased trading volumes and user trust. With over 50 global registrations, Bitstamp is strategically positioned to navigate regulatory environments effectively.
The licensing in Singapore provides Bitstamp with new avenues for increasing liquidity and trust among institutional investors, which could lead to higher transaction volumes and strengthen the positions of major digital assets in the market.
