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European Crypto Exchange Bitstamp Receives In-Principle Approval in Singapore
Bitstamp describes itself as the "first crypto exchange with major European Union (EU) presence to secure in-principle approval in Singapore."
Updated Mar 8, 2024, 10:44 p.m. Published Mar 6, 2024, 8:00 a.m.
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European cryptocurrency exchange Bitstamp has earned in-principle regulatory approval from the Monetary Authority of Singapore (MAS).
The Major Payment Institution (MPI) license will soon be enable Bitstamp to offer digital payment token services in the Southeast Asian city state, according to an emailed announcement on Wednesday.
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Bitstamp describes itself as the "first crypto exchange with major European Union (EU) presence to secure in-principle approval in Singapore."
The last crypto exchange to obtain full licensing in Singapore was South Korean firm Upbit, which was awarded its MPI license in January, around three and a half months after receiving in-principal approval.
Bitstamp said its focus in Singapore will be on serving financial institutions and intermediaries, such as payments processors, fintechs and brokerages.
Read More: Crypto Custodian BitGo Wins In-Principle Approval as Major Payments Institution in Singapore
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After the bankers shared a document at the White House demanding a total ban on stablecoin yield, the crypto side answers that it needs some stablecoin rewards.
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- The U.S. Senate's crypto market structure bill has been waylaid by a dispute over something that's not related to market structure: yield on stablecoins.
- The Digital Chamber is offering a response to a position paper circulated earlier this week by bankers who oppose stablecoin yield.
- The crypto group's own principles documents argues that certain rewards are needed on stablecoin acvitity, but that the industry doesn't need to pursue products that directly threaten bank deposits business.
