Bitstamp, a European cryptocurrency exchange, has received in-principle regulatory approval from the Monetary Authority of Singapore (MAS) for its Major Payment Institution (MPI) license. This will allow Bitstamp to offer digital payment token services in Singapore. Bitstamp is the first crypto exchange with a major European Union presence to secure in-principle approval in Singapore. The exchange will focus on serving financial institutions and intermediaries, such as payments processors, fintechs and brokerages. South Korean firm Upbit was the last crypto exchange to obtain full licensing in Singapore, which was awarded its MPI license in January.