One of the world’s oldest digital currency exchanges, Bitstamp, is expanding into the Asia-Pacific (APAC) region through its white-label ‘Bitstamp-as-a-Service’ offering.
We’re excited to announce that Bitstamp as a Service officially launches in APAC today!
🥂 to global #crypto adoption!
Read more below 👇https://t.co/ISEJBg2HTb
— Bitstamp (@Bitstamp) March 20, 2023
In its announcement, the exchange revealed that it now allows banks, fintech and payment companies, and investment firms to tap into its plug-and-play services to offer digital asset services to their clients.
APAC is a global leader in digital asset adoption, with seven of the top ten nation’s leading in adoption from the region. This includes the top two: Vietnam and the Philippines, respectively.
While a young tech-savvy population and high internet penetration have played a big role, the region is miles ahead of Western countries in Bitcoin regulation. Some, like Hong Kong and Singapore, are only now formulating regulations, but others, like the Philippines, have been regulating the sector for years. This regulatory clarity has seen an influx of institutional and retail investors, a market that Bitstamp now wants to tap.
“There is a direct correlation between clear, sensible regulations that protect consumers and the comfort for financial institutions to operate in the space,” says James Kow, the head of business development in APAC for the European exchange.
With Bitstamp-as-a-Service, financial institutions can deploy digital asset services to their clients without building their own solutions from scratch, saving time and costs.
According to Kow, the service comes equipped with anti-money laundering (AML) and compliance programs that meet global standards. With regulators cracking down on the industry with tough laws, these programs will be useful for Bitstamp clients.
“Recent events in the industry have placed new emphasis on good business practices and compliance credentials that necessitate a package of operational controls,” says Leonard Ho, the general manager of APAC at the exchange.
While the APAC market has grown rapidly in recent years, it has been tough for some global exchanges. Binance has been booted out of markets such as the Philippines for operating without a license.
Watch: The Future of Digital Asset Exchanges & Investment
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