Bitstamp Enters Asia-Pacific Market with Singapore Approval

Bitstamp by Robinhood Gets MPI License in Singapore

Bitstamp by Robinhood has secured a Major Payment Institution (MPI) license from the Monetary Authority of Singapore. The announcement was made in a press release on July 3. This license allows the company to legally offer payment services in Singapore. It came just before a key regulatory deadline that required all unlicensed crypto firms to stop operating in the region.

An MPI license is issued to companies that meet specific regulatory standards in Singapore. These companies are allowed to offer payment services without having to meet high transaction volume thresholds. Normally, firms would need to process at least 3 million SGD per month or handle over 5 million SGD in daily e-money balances. Holding an MPI license shows that Bitstamp by Robinhood is officially recognized and regulated by local financial authorities.

Source: X

Expanding into the Asia-Pacific Market

Bitstamp formally enters the Asia-Pacific market with this license. To help with this expansion, the company has established a team in Singapore. Knowledge of the local market, collaborations, regulatory issues, and strategic operations are the team's main priorities. Bitstamp stated in a statement that they are dedicated to fostering trust via in-person and real-time cooperation. This is made possible in large part by the Singaporean team.

The announcement comes at a difficult time for Singaporean cryptocurrency companies. Singapore's Monetary Authority has already declared that unregistered cryptocurrency companies were to close by June 30. Even though the industry has been aware of this deadline for a while, it nonetheless produced anxiety. Some businesses have begun planning to relocate their employees outside of Singapore, including Bitget and Bybit. These actions are said to be a reaction to more stringent regulations and the need to stay out of trouble.

Bitstamp by Robinhood was able to meet the legal requirements on time, in contrast to companies who are still having trouble with the licensing procedure. This demonstrates a degree of readiness and adherence that distinguishes them. Bitstamp may continue to operate lawfully in Singapore thanks to the MPI license, avoiding the risks now faced by unlicensed businesses. The business may gain an advantage in the local market as a result of this action.

Source: X

Bitstamp now has a Singaporean license, joining a number of international exchanges that already have one. Businesses such as Coinbase and OKX have already established local offices and obtained their MPI licenses. Bitstamp's membership in this group enhances its standing in the area. Gaining the trust of authorities and users is facilitated by holding the appropriate licenses in important markets.

Robinhood's Bitstamp has received regulatory approval outside of Singapore as well. In Europe, the business also has a MiCA license. It possesses the necessary permits to conduct business in the United States and the United Kingdom. This worldwide regulatory compliance demonstrates the company's dedication to provide crypto services within the bounds of the law. Its list of governmental approvals continues to increase with the Singapore license.

Final Thoughts

For Bitstamp by Robinhood, obtaining the MPI license is a significant step. Even when other businesses are under pressure to close or migrate, it enables them to conduct lawful business in Singapore. Bitstamp is now in a stronger position to expand its footprint in Asia thanks to a robust workforce in the area and complete approval from financial authorities.