Bitstamp Receives Preliminary Licence Approval in Singapore

 Luxembourg-based cryptocurrency exchange Bitstamp announced on March 6th that it has received in-principle approval from the Monetary Authority of Singapore (MAS) for its Major Payment Institution (MPI) licence.

This approval allows Bitstamp to offer digital payment token services in Singapore, increasing the total number of licences the exchange holds globally to 52.

Jean-Baptiste Graftieaux, Bitstamp’s Global CEO, commented, “Securing the in-principle approval from the Monetary Authority of Singapore is a significant milestone in our efforts to expand our presence across key markets in Asia-Pacific and globally. Singapore has been supportive of digital asset players, and we look forward to operating as a locally licensed exchange, strengthening our position as a trusted platform for market participants in the region.”

Bitstamp is the first exchange with a major European footprint to obtain this in-principle licence in Singapore. The company will focus on providing services to institutions and intermediaries, such as payment processors, fintech companies, and brokerages.

Leonard Hoh, Bitstamp’s APAC General Manager, added, “Singapore has been a pioneer in establishing a regulatory framework for crypto exchanges, and this leadership continues to solidify its position as a hub for the digital assets ecosystem and its integration with the wider financial services sector.”

Founded in 2015, Bitstamp obtained its first licence in Luxembourg in 2016. The exchange now holds licences and registrations across several countries, including the UK, Netherlands, Italy, Spain, France, and 40 US states. According to Bitstamp’s 2022 annual report, filed with the Luxembourg Business Registers, the company reported a net loss of €13.6 million, a significant decline from the previous year’s profit of €17.6 million. The report attributed the drop in trading revenue, which fell to €15 million from €59.4 million in 2021, to unfavorable market conditions.