Bitstamp Obtains In-Principle Approval for MPI License in Singapore

Bitstamp, the longest-running cryptocurrency exchange, announced on Wednesday that it has obtained in-principle regulatory approval from the Monetary Authority of Singapore (MAS).

The in-principle Major Payment Institution (MPI) license will soon enable Bitstamp to offer digital payment token services in the region, as stated by the European crypto exchange.

Given the varying attitudes towards the crypto industry in different regions worldwide, this established virtual asset service provider is continuously adapting its global strategy. In October of last year, Bitstamp declared its withdrawal from the Canadian market​ due to tightening regulations. Prior to that, the exchange suspended trading/staking​ services for several cryptocurrencies for its US clients, citing regulatory uncertainty in the country.

Furthermore, Bitstamp successfully completed its registration​ as a crypto asset business in the UK in the middle of last year, making it one of the few crypto exchanges recognized by the FCA. Additionally, Bitstamp revealed its ongoing discussions to assist three major European banks in offering crypto services starting in the first quarter of 2024.