• Bitstamp has received a license from Singapore’s Monetary Authority (MAS) to operate locally, amid new crypto regulations.
  • Despite being a regional crypto hub, only 29% of Singaporeans have owned or currently own cryptocurrency.

Bitstamp has officially received a license from the Monetary Authority of Singapore (MAS) to provide services to residents in the Southeast Asian country, marking a key milestone in its expansion into the Asia-Pacific (APAC) region.

The announcement follows MAS’s sweeping regulatory changes that require all crypto firms based in Singapore to register and secure approval to operate.

Tighter Rules Raise Stakes for Crypto Firms

The licensing comes after MAS introduced new guidelines in June, mandating that all crypto exchanges serving overseas customers must obtain a license or face potential expulsion, imprisonment, and hefty fines.

The regulatory body emphasised that approval would not come easily.

“MAS has set the bar high for licensing and will generally not issue a license. The money laundering risks are higher in such business models and if their substantive regulated activity is outside of Singapore, MAS is unable to effectively supervise such persons,” MAS stated.

These developments sparked concerns among many crypto firms operating in the country, particularly as the deadline to cease unlicensed operations passed on Monday.

For several firms, the future remains uncertain under the updated regulatory environment.

Despite the tough regulatory stance, Singapore has continued to attract crypto and Web3 companies, positioning itself as a key digital asset hub in the region.

In 2024, MAS approved twice the number of crypto business applications compared to the previous year, thanks in part to innovation-friendly rules and strong consumer protections.

However, local adoption tells a different story. According to the Independent Reserve Cryptocurrency Index Singapore 2025 study, while 94% of Singaporeans are aware of at least one digital asset, only 29% have owned or currently own cryptocurrency. Among those, 68% hold Bitcoin.

Edited by Annette George