BitStamp by Robinhood has received a major payment agency license from the financial authorities in Singapore. This is followed by deadlines for unlicensed crypto companies that will suspend operations in the region.
According to a press release issued on July 3, BitStamp by Robinhood has received an MPI license from the Singapore Monetary Authority. Institutions with a major payment institution license are recognized and regulated by financial authorities in the region.
Licensee is granted permission to provide payment services without meeting monetary thresholds to continue operating. These requirements include a minimum of SGD 3 million for monthly transaction volumes per monthly payment service and a threshold for 5 million SGD transaction volumes for daily issued e-Money services.
The regulatory milestone also marks the first foray into expanding the crypto exchange business into the Asia-Pacific region. Based on the notification, BitStamp by Robinhood will create an APAC team in Singapore to provide “local expertise in markets, partnerships, compliance and strategic support.”
“We are committed to building trust through in-person collaboration that understands and responds to the region,” writes BitStamp.
News about the issuance of the Robinhood-backed Crypto Exchange license comes at a time of tension in Singapore’s crypto space. Earlier this year, Singapore’s monetary authorities declared that licensed crypto companies must suspend their local operations by the latest June 30th.
Regulators say warnings are consistently transmitted, but the deadline has sparked concerns about the country’s crypto escape.
You might like it too: Despite Crypto’s crackdown, Binance maintains more than 400 Singapore-based employees: Report
Some foreign companies, such as Bitget and Bybit, who have not yet obtained MAS licenses, have announced potential plans to move Singapore-based employees due to restrictions crackdowns. Other companies like Binance have decided that their employees will remain in the area as remote workers in the area without a main office.
A BitStamp MPI license from MAS means that the crypto company has applied for the license and has been granted approval before the deadline drops.
The company is participating in other major cryptocurrency exchanges such as OKX and Coinbase. OKX and Coinbase have already established offices in Singapore and have obtained the necessary licenses to operate in the region.
Previously, BitStamp by Robinhood was already MICA licensed in Europe.
You might like it too: Singapore’s MAS will issue a final warning for unlicensed crypto exchanges to stop operations by June 30th
