The Monetary Authority of Singapore (MAS) has granted a license to the cryptocurrency exchange Bitstamp, allowing it to provide services to Singapore residents, the company announced on Thursday.
Bitstamp stated that this approval is a significant part of its expansion strategy in the Asia-Pacific (APAC) region.
In June of this year, MAS required all cryptocurrency exchanges serving overseas customers to obtain a license, or they would face penalties such as expulsion, imprisonment, and fines. The regulatory body also warned that obtaining a license is extremely difficult. MAS officials added:
The new regulatory policies introduced in Singapore have raised concerns among local cryptocurrency businesses, as the deadline for unlicensed operations was this past Monday, leaving the future of some companies uncertain.
Singapore is gradually becoming a cryptocurrency hub in the Asia-Pacific region, connecting mainland China with the global digital currency market, alongside Hong Kong, which serves as a regulatory sandbox.
A favorable regulatory environment for innovation and a strong emphasis on consumer protection have led to a significant influx of cryptocurrency businesses into Singapore in 2024. The number of cryptocurrency business applications approved by MAS this year is double that of 2023.
Despite the large number of international cryptocurrency and Web3 companies establishing a presence and the high awareness of digital assets, the local cryptocurrency adoption rate remains relatively low.
According to the Independent Reserve Cryptocurrency Index Singapore 2025 survey, about 94% of Singaporeans are aware of at least one digital asset. However, only 29% of them reported that they currently or have ever held cryptocurrency.
Unsurprisingly, 68% of cryptocurrency holders own Bitcoin (BTC), the first cryptocurrency and the largest digital asset by market capitalization.
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Original article: “Bitstamp Granted MAS License to Operate in Singapore”
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