The approval paves the way for Bitstamp to obtain a Major Payment Institution (MPI) license, enabling the exchange to provide digital payment token services in the Southeast Asian city-state. This development was announced via email on Wednesday.

Bitstamp’s entry into the Singapore market marks a significant expansion of its services in Asia. The company’s primary focus in Singapore will be on catering to financial institutions and intermediaries, including payments processors, fintech companies, and brokerages.

Notably, the last crypto exchange to achieve full licensing in Singapore was Upbit, a South Korean firm, which obtained its MPI license in January. Upbit received its in-principal approval approximately three and a half months prior to being granted the full license.

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