Popular trading platform Robinhood plans to introduce crypto products to Singapore this year, subject to the completion of its acquisition of Bitstamp Cryptoexchange.
Robinhood, the app widely recognized by global traders, has pivoted into crypto in recent years. The Platform has looked to expand its hold on the sector by acquiring some crypto-focused startups like Bitstamp.
Robinhood agreed to buy Bitstamp for a staggering $200 million, and the deal is expected to close before the end of the year’s first half.
Speaking to Bloomberg, Johann Kerbrat, vice president and general manager of Robinhood Crypto, confirmed that the trading brand will roll out its products for Singapore immediately after the Bitsamp deal is completed.
“Part of the reason why Bitstamp was attractive was because of their licenses with Singapore, in addition to its institutional business,” Kerbrat said.
Bitstamp successfully secured several licenses to ease its operation in Singapore, which was a major deciding factor in its proposed acquisition by Robinhood.
The Crypto exchange secured an in-principle license from the Monetary Authority of Singapore last year.
Bitstamp said in a statement at the time that the license paves the way for the company to obtain a Major Payment Institution license and provide digital token services in the country.
Robinhood CEO Vlad Tenev explained in 2024 that the platform was seriously considering entering the Asian market, and Singapore would be its base in the region.
Crypto’s Legal Status in Singapore
Cryptocurrency is legal in Singapore and is heavily regulated and supervised by the Monetary Authority of Singapore (MAS) under the Payment Services Act (PSA).
Crypto businesses are bound by strict rules, including licensing requirements for exchanges and anti-money laundering (AML) measures.
Crypto trading and investment are legal, but businesses must comply with MAS regulations. Crypto entities operating in the country must be licensed and obtain approval from MAS.
Despite their legal status, Cryptocurrency is not recognized as legal tender, but it can be used for payments in some places.
