European cryptocurrency exchange Bitstamp has received regulatory approval in principle from the Monetary Authority of Singapore (MAS).
According to an announcement emailed Wednesday, the Major Payment Institution (MPI) license will soon allow Bitstamp to offer digital payment token services in the Southeast Asian city-state.
Bitstamp describes itself as the “first cryptocurrency exchange with a major European Union (EU) presence to secure in-principle approval in Singapore.”
The last cryptocurrency exchange to be fully licensed in Singapore was South Korean firm Upbit, which was awarded the MPI license in January, about three and a half months after receiving primary approval.
Bitstamp said its focus in Singapore will be on serving financial institutions and intermediaries, such as payment processors, fintechs and intermediaries.
To know more: Cryptocurrency custodian BitGo wins in-principle approval as a major payment institution in Singapore
