Bitstamp has become one of the few crypto exchanges to win regulatory approval from Singapore’s Monetary Authority, clearing a major hurdle under the country’s tightening oversight of digital asset firms.
The license will allow Bitstamp to continue offering services to Singaporean residents and expand further across the Asia-Pacific region, the company announced Thursday.
The approval comes after MAS issued a mandate in June requiring all exchanges serving clients in Singapore to secure a local license or face severe penalties, including possible fines and jail time. Regulators have stressed that licenses will be granted sparingly due to heightened concerns around illicit finance.
“MAS has set the bar high for licensing and will generally not issue a license,” officials wrote at the time.
“The money laundering risks are higher in such business models.”
The move prompted many crypto companies to weigh their future in Singapore, as unregistered operators were ordered to cease activity by the start of the week.
Singapore Emerges as a Regional Crypto Powerhouse
Despite strict new policies, Singapore remains a magnet for blockchain ventures looking to tap Asia’s fast-growing digital finance markets. Alongside Hong Kong, the city-state has cultivated a reputation as a regulatory hub balancing innovation with consumer protection.
In 2024 alone, MAS approved twice as many crypto business applications as the year prior, signaling sustained interest from international firms.
Industry analysts say Singapore’s approach—rigorous compliance coupled with clarity—has positioned it as a bridge between traditional finance and Web3 experimentation. However, while the city attracts global crypto platforms, adoption among local consumers remains relatively limited.
High Awareness, Low Ownership Among Singaporeans
Surveys suggest Singaporeans are well informed about digital assets but hesitant to invest. The Independent Reserve Cryptocurrency Index Singapore 2025 found that 94% of residents recognize at least one cryptocurrency, yet only 29% have owned digital coins at any point.
Of those who do hold crypto, Bitcoin remains the most popular by a wide margin. Nearly 68% of Singaporean crypto owners reported owning the original cryptocurrency, underscoring its dominance as a store of value despite market volatility.
As regulatory expectations tighten, firms like Bitstamp may find themselves competing for a smaller pool of retail users even as institutional demand continues to grow.
Quick Facts
- Bitstamp obtained a license to operate in Singapore under MAS’s rigorous new requirements.
- Singapore approved twice as many crypto business applications in 2024 compared to 2023.
- While 94% of Singaporeans are aware of crypto, only 29% have invested.
