Singapore Approves Bitstamp License
The Monetary Authority of Singapore (MAS) has licensed crypto exchange Bitstamp to operate in Singapore, marking a significant step in the exchange's expansion into the Asia-Pacific region. MAS has mandated that all crypto exchanges serving overseas customers must obtain a license or face severe penalties, emphasizing the high standards for licensing due to money laundering risks. This regulatory shift has raised concerns among crypto firms in Singapore, with a deadline for licensing recently passed. Despite Singapore's status as a growing crypto hub in the APAC region, local adoption remains low, with only 29% of Singaporeans owning crypto, despite 94% being aware of digital assets. Bitcoin is the most commonly held cryptocurrency among owners, with 68% holding it.
