{"id":8366,"date":"2024-03-07T02:21:57","date_gmt":"2024-03-07T02:21:57","guid":{"rendered":"https:\/\/www.bitrabo.com\/discover\/european-crypto-exchange-obtains-in-principle-license-approval-in-singapore\/"},"modified":"2024-03-07T02:21:57","modified_gmt":"2024-03-07T02:21:57","slug":"european-crypto-exchange-obtains-in-principle-license-approval-in-singapore","status":"publish","type":"post","link":"https:\/\/www.bitrabo.com\/discover\/european-crypto-exchange-obtains-in-principle-license-approval-in-singapore\/","title":{"rendered":"European Crypto Exchange Obtains In-Principle License Approval In Singapore"},"content":{"rendered":"

On Wednesday, European crypto exchange Bitstamp announced it had received an In-Principle Approval (IPA) license in Singapore. This license comes as the exchange\u2019s first crucial step for navigating the strict regulatory landscape of the country.<\/p>\n

<\/span>Bitstamp Secures IPA in Singapore<\/span><\/h2>\n

Bitstamp, the world\u2019s longest-running crypto exchange, has secured<\/a> approval for an In-Principle license from the Monetary Authority of Singapore (MAS). This step is crucial in obtaining the Major Payment Institution (MPI) license from the Southeast Asian country.<\/p>\n

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Big news! Bitstamp is the first crypto exchange with major EU presence with In-Principle License Approval in Singapore. \"🇸🇬\"<\/p>\n

We're paving the way for globally regulated crypto exchanges in Singapore and the APAC region.<\/p>\n

More info: <\/a> pic.twitter.com\/4D1NuU9PJW<\/a><\/p>\n

— Bitstamp (@Bitstamp) March 6, 2024<\/a><\/p>\n<\/blockquote>\n

The IPA license is part of the exchange\u2019s global strategy to operate in the country in compliance with its Payment Service Act. According to the announcement, the exchange\u2019s primary focus will be serving institutions within Singapore. This strategy will include intermediaries, like payment processors, fintech companies, and brokerages.<\/p>\n

The exchange revealed it\u2019s \u201cconfident about its proposition,” which includes providing services to retail customers in the Asia-Pacific region.\u00a0 However, Singapore remains at the core of the exchange\u2019s \u2018strategic\u2019 project to expand its regulatory licenses within the area.<\/p>\n

Bitstamp emphasized its \u201ccommitment to compliance and supporting the growth of the evolving global landscape\u201d after becoming the \u201cfirst crypto exchange with major EU presence\u201d to achieve the IPA license.<\/p>\n

Reiterating its focus on \u201ccompliance and regulation at the heart of all operations,\u201d the exchange highlights the more than 50 licenses and regulations it has obtained worldwide since 2016.<\/p>\n

Additionally, it considers that the approval comes at \u201can exciting time for the market\u201d due to the upcoming implementation of the European Union\u2019s MiCA regulatory framework and the Bitcoin ETFs approval in the United States by the country\u2019s Securities and Exchange Commission (SEC).<\/p>\n

<\/span>MAS Strict View Of Crypto Trading<\/span><\/h2>\n

This license approval falls within Singapore’s strict regulatory landscape. In November 2023, the Asian country expanded its regulatory measures to \u201ccontinue its efforts to safeguard\u201d retail investors from the \u201cpotential risks related to crypto trading.\u201d<\/p>\n

Previous measures included restricting lending and staking in the country. The rules MAS incorporated in November prohibit DTP service providers from offering retail trading, financing, margin, or leverage transaction incentives.<\/p>\n

These guidelines also prevent DTP providers from accepting locally issued credit card payments. The MAS has advised Singapore residents to avoid engaging with \u201cunregulated entities,\u201d including overseas ones.<\/p>\n

Similarly, the country’s strict regulations led to the caution of the country\u2019s regulator regarding spot Bitcoin ETFs after the approval of these investment products in the US. The MAS reiterated its stance on cryptocurrencies as \u2018highly volatile\u2019 assets.<\/p>\n

At the time, the regulatory agency emphasized that these investment products fell under the category of collective investment schemes and, as such, were not approved assets as Bitcoin and other DPTs didn\u2019t meet MAS\u2019s criteria.<\/p>\n

\"BTC,<\/p>\n