Common buying and selling platform Robinhood plans to introduce crypto merchandise to Singapore this yr, topic to the completion of its acquisition of Bitstamp Cryptoexchange.
Robinhood, the app well known by international merchants, has pivoted into crypto in recent times. The Platform has seemed to broaden its maintain on the sector by buying some crypto-focused startups like Bitstamp.
Robinhood agreed to purchase Bitstamp for a staggering $200 million, and the deal is predicted to shut earlier than the tip of the yr’s first half.
Talking to Bloomberg, Johann Kerbrat, vice chairman and normal supervisor of Robinhood Crypto, confirmed that the buying and selling model will roll out its merchandise for Singapore instantly after the Bitsamp deal is accomplished.
“A part of the explanation why Bitstamp was engaging was due to their licenses with Singapore, along with its institutional enterprise,” Kerbrat stated.
Bitstamp efficiently secured a number of licenses to ease its operation in Singapore, which was a significant deciding think about its proposed acquisition by Robinhood.
The Crypto alternate secured an in-principle license from the Financial Authority of Singapore final yr.
Bitstamp stated in a press release on the time that the license paves the best way for the corporate to acquire a Main Fee Establishment license and supply digital token companies within the nation.
Robinhood CEO Vlad Tenev defined in 2024 that the platform was critically contemplating coming into the Asian market, and Singapore can be its base within the area.
Crypto’s Authorized Standing in Singapore
Cryptocurrency is authorized in Singapore and is closely regulated and supervised by the Financial Authority of Singapore (MAS) below the Fee Providers Act (PSA).
Crypto companies are certain by strict guidelines, together with licensing necessities for exchanges and anti-money laundering (AML) measures.
Crypto buying and selling and funding are authorized, however companies should adjust to MAS rules. Crypto entities working within the nation should be licensed and procure approval from MAS.
Regardless of their authorized standing, Cryptocurrency just isn’t acknowledged as authorized tender, however it may be used for funds in some locations.
