Bitstamp Secures Singapore MPI License Ahead of Deadline

Bitstamp, backed by Robinhood, has secured a Major Payment Institution (MPI) license from Singapore's financial authorities. This license, granted by the Monetary Authority of Singapore, allows Bitstamp to operate as a regulated entity in the region, providing payment services without the need to meet specific monetary thresholds. The license grants Bitstamp permission to offer services without the requirement of maintaining a minimum of 3 million SGD in monthly transaction volume per payment service or a 5 million SGD transaction volume threshold for daily outstanding e-money services.

This regulatory milestone signifies Bitstamp's first expansion into the Asia-Pacific region. The company has established an APAC team based in Singapore, tasked with offering local expertise in markets, partnerships, compliance, and strategic support. Bitstamp emphasized its commitment to building trust through responsive, face-to-face collaboration in the region.

The timing of this license issuance is notable given the current regulatory environment in Singapore. Earlier this year, the Monetary Authority of Singapore announced that unlicensed crypto firms must cease operations by June 30. This deadline has raised concerns about a potential crypto exodus from the nation, as some overseas firms like Bitget and Bybit, which have not yet obtained a MAS license, have considered relocating their Singapore-based employees. In contrast, Binance has chosen to keep its employees in the region as remote workers without a main office.

Bitstamp's MPI license indicates that the firm had applied for and received approval before the deadline, positioning it alongside other major cryptocurrency exchanges like OKX and Coinbase, which have already established offices and obtained the necessary licensing to operate in Singapore. Previously, Bitstamp had secured a MiCA license in Europe, as well as the required licensing in the U.S. and U.K.

The regulatory landscape in Singapore has been stringent, with the Monetary Authority of Singapore consistently communicating the need for compliance. The deadline for unlicensed firms to cease operations has been a significant factor in the current climate, prompting some firms to consider their options. Bitstamp's successful licensing underscores its commitment to regulatory compliance and its strategic expansion into the Asia-Pacific market.