European Crypto Exchange Bitstamp Receives In-Principle Approval in Singapore

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.

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.