The Monetary Authority of Singapore (MAS) has granted cryptocurrency exchange Bitstamp the in-principle approval necessary to operate as a Major Payment Institution. This announcement was made on Wednesday.
In accordance with Singapore’s Payment Services Act, IPA opens the door for Bitstamp to offer digital payment token services. This is a big strategic decision that shows the dedication to compliance and fostering the expansion of the changing global environment.
Big news! 📰 Bitstamp is the first crypto exchange with major EU presence with In-Principle License Approval in Singapore. 🇸🇬
We’re paving the way for globally regulated crypto exchanges in Singapore and the APAC region.
More info: https://t.co/WdefHJiZXU pic.twitter.com/4D1NuU9PJW
— Bitstamp (@Bitstamp) March 6, 2024
Bitstamp is one step closer to providing digital payment token services in the city-state of Singapore with in-principle permission, which comes before a complete license to operate in the country. According to the exchange’s news release, it is the first significant cryptocurrency trading platform in the European Union to receive a license of this kind from the MAS.
Blockchain.com, Circle, Coinbase, and Ripple are among the cryptocurrency service providers that have already received full licenses from Singaporean authorities.
Bitstamp, founded in 2011, holds more than 50 licences and registrations in countries including the UK, the Netherlands, France, and 40 U.S. states.
For high-volume traders who need to fill big orders without causing slippage or disrupting the regular spot market, Bitstamp had introduced an Over-the-Counter Request-for-Quote* (OTC RFQ) service.
OTC trading is accessible through the Bitstamp platform or API, allowing users to take full use of the round-the-clock availability and institutional-grade NASDAQ trading infrastructure.
In the CCData Exchange Benchmark Report, Bitstamp has received its highest rating of AA for the sixth time in a row. Bitstamp is the first cryptocurrency exchange to achieve this rare feat.
A ranking system like CCData Exchange Benchmark uses more than 200 qualitative and quantitative metrics, it provides a thorough summary of the top performers in the cryptocurrency market. Achieving success in their metrics is not just about manipulating numbers; rather, it involves transforming fundamental principles into functional, customer-focused products and services.
Both annual external evaluations and recurring internal audit reviews are conducted for financial controls. This guarantees the validation and ongoing improvement of the control environment and all of Bitstamp’s procedures. Since 2016, Bitstamp has been audited annually by one of the Big Four international accounting firms.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
