The Monetary Authority of Singapore has granted Bitstamp in principle approval as a cryptocurrency exchange.

According to an email announcement sent on Wednesday, Bitstamp will soon have the license to offer digital token payment services in this city state of Southeast Asia.

Bitstamp claims to be the “first crypto-exchange with a major European Union (EU), that has secured in principle approval in Singapore.”

Upbit of South Korea was the last crypto exchange in Singapore to receive full licensing. It was granted its MPI license by Singapore in January. This was around three-and-a-half months following in principle approval.

Bitstamp has said that its main focus in Singapore is to serve financial institutions, including fintechs, brokerages, and payment processors.

Read more: BitGo, a crypto-custodian in Singapore, has been approved as a major payment institution.