In a significant milestone for the veteran crypto exchange, Bitstamp has received in-principle approval to operate a major payment institution license in Singapore. This preliminary green light from the Monetary Authority of Singapore (MAS) paves the way for Bitstamp to offer digital asset services nationally and establish a foothold across the lucrative Asia-Pacific markets.

Previously operating under a payments exemption, Bitstamp can now provide cross-border money transfers and crypto trading services to customers in Singapore and select countries regionally. The license approval comes as regulatory clarity increases and mainstream adoption accelerates globally.

Leonard Hoh, Bitstamp's APAC General Manager, hailed the positive crypto landscape in Singapore that supports institutional involvement. "We have a strong product fit for the developing payments and stablecoin arena, especially partnering with institutions seeking counterparties licensed in jurisdictions like Singapore," he stated.

The timing is opportune, with the EU solidifying crypto regulations in 2024 and the US SEC recently approving Bitcoin ETFs. As a founding crypto trading platform dating back to 2011, Bitstamp has been integral infrastructure for BTC and major crypto markets. It provides pricing data for the CME CF Bitcoin reference rate underpinning US Bitcoin ETFs.

Bitstamp's expanding reach has been boosted by acquiring over 50 licenses and registrations worldwide, from its first in Luxembourg (2016) to the UK, Netherlands and New York. Its partnership listing the EURCV stablecoin by Societe Generale-Forge cemented its reputation last year.

As one of the first global exchanges to receive this level of approval in Singapore, Bitstamp is ideally positioned to tap into Asia's rapidly growing crypto appetite. The city-state is rapidly emerging as a digital asset hub, with over half of its finance-savvy population already invested according to a recent survey. Most have allocated $1,000 to $25,000.

Singapore is proactively engaging on digital currencies, piloting cross-border CBDC settlements and putting governance frameworks in place. With stamp of approval from a fintech-forward regulator like MAS, Bitstamp can capitalize on first-mover advantages for institutional crypto services across Asia.