Crypto exchange Bitstamp has received an in-principle approval from the Monetary Authority of Singapore to provide digital payment token services in the country, the firm announced in a press release published on 6 March 2024. This brings the number of licences that Bitstamp holds globally to 52.

“Attaining the in-principle approval from the Monetary Authority of Singapore brings Bitstamp a step forward in our quest to expand our footprint across important markets in APAC and globally,” commented Bitstamp’s global CEO in the press release. “Singapore has been welcoming towards players in the digital assets space and we plan to operate as a locally licenced exchange to continue our growth as a trusted venue for market participants in the region.”

Bitstamp is the first exchange with a major European presence to secure this in-principle licence approval in Singapore, the firm noted, where it will focus on providing services to institutions and intermediaries such as payment processors, fintechs and brokerages.

“Singapore was a first mover when it came to establishing a regulatory framework for crypto exchanges,” added Leonard Hoh, APAC general manager of Bitstamp. “We see that leadership continuing to cement Singapore’s future as a centre for the digital assets ecosystem and its convergence with the broader financial services sector.”

Established in 2015, Bitstamp received its first licence in 2016 in Luxembourg. It now holds licences and registrations in the UK, Netherlands, Italy, Spain, France and 40 states in the US. The company’s annual report for 2022, filed with the Luxembourg Business Registers, noted that its net result was a loss of €13,571,418 (down from 2021, when its profit stood at €17,594,702) and that it generated €15,024,084 in trading revenue (down from €59,397,108 in 2021). The decrease in trading revenue was mainly driven by market conditions, said the report.