Robinhood-Backed Bitstamp Secures Major Payment Institution License in Singapore Amidst Crypto Regulatory Shift

Bitstamp by Robinhood Achieves Major Payment Milestone in Singapore

Bitstamp, supported by popular trading platform Robinhood, has officially received the Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). This development marks a significant entry for Bitstamp into Singapore's vibrant cryptocurrency sector and a crucial expansion into the Asia-Pacific (APAC) region.

According to a press announcement released on July 3, Bitstamp’s MPI license recognizes the crypto exchange as a regulated and authorized provider of digital asset services within Singapore. This accreditation arrives after MAS enforced a June 30 deadline, requiring unlicensed cryptocurrency firms to halt their operations in the country, triggering what some have called a ‘crypto exodus’.

The new license allows Bitstamp by Robinhood to deliver a full suite of digital payment services to institutional and retail investors in Singapore, without needing to maintain stringent transaction volume thresholds. Traditionally, institutions without an MPI license must fulfill requirements such as a minimum 3 million SGD monthly transaction volume per payment service, and a 5 million SGD daily transaction volume for outstanding e-money services.

 

Building Local Expertise in a Dynamic Crypto Market

As part of its commitment to the region, Bitstamp’s expansion involves establishing an APAC team based in Singapore. The team is tasked with leveraging local market expertise, developing partnerships, ensuring regulatory compliance, and providing strategic support in the fast-evolving crypto landscape.

Bitstamp’s leadership emphasized their deep understanding of the local market and their dedication to fostering trust in Singapore’s Web3 ecosystem through direct, face-to-face collaboration with partners and customers.

 

Singapore’s Regulatory Shakeup and Industry Impact

The approval comes at a critical moment for Singapore’s cryptocurrency industry. MAS’s deadline has led to significant upheaval: while some major players like Bitget and Bybit, who have yet to secure a license, are considering relocating staff, others such as Binance have opted to keep employees in Singapore as remote workers without a physical office presence.

With its new MPI license, Bitstamp by Robinhood joins established global exchanges such as OKX and Coinbase, both of which are already licensed and operating out of Singapore.

Previously, Bitstamp has demonstrated strong regulatory compliance, holding a MiCA license in Europe and necessary licenses in both the United States and the United Kingdom. This latest achievement strengthens its reputation as a trusted and secure global crypto exchange.

By securing its standing in Singapore, Bitstamp is well-positioned to cater to Asia-Pacific’s rapidly growing demand for trustworthy cryptocurrency trading platforms, reinforcing its status as a leading player in the global blockchain ecosystem.