The company announced on Thursday that the Monetary Authority in Singapore (MAS) granted Crypto Exchange bitstamp a license to provide services to the population of Southeast Asian.
Bitstamp license is part of the broader expansion of the stock exchange in the Asia Pacific region (APAC), the company He said.
In June, Mas I command All encryption exchanges that serve customers abroad to obtain licenses or confront expulsion, imprisonment and financial penalties. The organizer also warned that obtaining a license will be very difficult. MAS officials wrote:
“MAS has a high license MAS and will not generally issue a license. The risk of money laundering is higher in such commercial models, and if its objective organized activity is outside Singapore, MAS is unable to effectively oversee these people.”
The new regulatory policy in Singapore has sparked anxiety among the coding companies located in the country, as the deadline for stopping work in Singapore without a license was on Monday, which puts the future of some encryption companies in doubt.
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Related to: You may not find absolute encryption companies in Singapore shelter elsewhere
Singapore is an international encryption center, despite the decline in local adoption
Singapore stands out as a coding center in the APAC region alongside Hong Kong, a special economic zone that works as a regulatory sand box, and China fid the main mainland for global digital currency markets.
The friendly regulations for innovation and focus on strong protection of consumers attracted a torrent of encryption companies to Singapore in 2024. MAS agreed to twice the number of encryption applications that year as in 2023.
Although international encryption companies and web3 companies that create a store in the country and a high degree of awareness of digital assets are increased, local encryption adoption is still low.
Nearly 94 % of Singaporene are familiar with at least one digital origin, according to the independent protected currency index Singapore 2025 Ticket. At the same time, only 29 % said they are currently or before.
It is not surprising that 68 % of the encryption owners keep Bitcoin (BTC), the first and largest encrypted currency depending on the market value.
magazine: Singapore “is not ready” for the investment funds circulating in Bitcoin, imported coding platform: Asia Express
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