The full licence will allow players to offer digital payment tokens — or cryptocurrencies services to individuals and institutions.
The news comes on the back of Singapore proposing to tighten regulations around crypto trading among retail investors last November, which will come into full effect mid-2024, according to the state regulator.
Bitstamp says in a release dated Mar 6, that it will focus on serving institutions and intermediaries such as payment processors, fintechs and brokerages, once it obtains its full approval.
It currently holds over 50 licences and registrations globally, in regions like the US, Luxembourg and the UK.
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Meanwhile, several other global exchanges have in the past year, successfully obtained their MPI from the MAS. In January, Upbit, an exchange with ties to one of South Korea’s largest exchanges, received its full licence.
Last year, Coinbase, Sygnum and Ripple were awarded full licences in October, shortly after one another.
The exchange’s global CEO, Jean-Baptiste Graftieaux, says that Singapore has been welcoming towards players in the digital assets space and they plan to operate as a locally licenced exchange to continue their growth as a trusted venue for market participants in the region.
“I'm excited that we have achieved this important milestone in Singapore, and am proud that we are the first exchange with a major European presence to do so,” he adds.
