Bitstamp by Robinhood has received a Major Payment Institution license from Singaporean financial authorities, following the deadline set for unlicensed crypto firms to cease operations in the region.
According to a press release issued on July 3, Bitstamp by Robinhood has received an MPI license from the Monetary Authority of Singapore. Institutions that hold a major payment institution license are recognized and regulated by financial authorities in the region.
License holders are granted permission to provide payment services without having to fulfill monetary thresholds to keep operating. These requirements include a minimum of 3 million SGD in monthly transaction volume per payment service as well as a 5 million SGD transaction volume threshold of daily outstanding e-money services.
This regulatory milestone also marks the crypto exchange’s first foray into expanding its business into the Asia-Pacific region. Based on the notice, Bitstamp by Robinhood has created an APAC team that is located in Singapore, tasked with providing “local expertise in markets, partnerships, compliance and strategic support.”
“We understand the region and work diligently to build trust through responsive, face-to-face collaboration,” wrote Bitstamp.
News about the Robinhood-backed crypto exchange’s license issuance comes at a tense time in Singapore’s crypto space. The Monetary Authority of Singapore has declared earlier this year that unlicensed crypto firms must cease operations in the region by June 30 at the latest.
Although regulators have said that the warning has been consistently communicated, the deadline has sparked concerns of a crypto exodus in the nation.
You might also like: Binance keeps over 400 Singapore-based employees despite the crypto crackdown: report
Some overseas firms like Bitget and Bybit, which have yet to obtain a MAS license, have announced potential plans to relocate their Singapore-based employees due to the regulatory crackdown. Other firms like Binance have decided to let their employees remain in the region as remote workers with no main office in the region.
Bitstamp’s MPI license from MAS implies that the crypto firm has applied for a license and was granted approval some time before the deadline fell.
The firm joins other major cryptocurrency exchanges like OKX and Coinbase, which have already established offices in Singapore and obtained the necessary licensing to operate in the region.
Previously, Bitstamp by Robinhood had already obtained a MiCA license in Europe, as well as the necessary licensing across the U.S. and U.K.
You might also like: Singapore’s MAS issues final warning for unlicensed crypto exchanges to cease operations by June 30
