In a recent announcement, crypto custodian BitGo revealed it has received in-principle approval to operate as a Major Payment Institution (MPI) in Singapore. The Monetary Authority of Singapore (MAS), the nation’s central bank and regulator, granted the license, allowing BitGo to function while awaiting a full license. This full license will enable BitGo to offer digital payment token services to clients in Singapore.
The move comes as part of Singapore’s efforts to establish a regulatory framework that balances favorable conditions for innovation while ensuring protective measures. More than a dozen entities, including Coinbase, Crypto.com, and Ripple, have secured full MPI licenses in the country.
BitGo’s CEO, Mike Belshe, mentioned in an email, “This approval comes on the heels of obtaining our BaFin license in Germany. We look forward to expanding our global footprint and providing our clients with regulated, secure, and trusted solutions.”
BitGo’s recent recognition follows its appointment as the bitcoin custodian by Hashdex in its application to become an issuer of a spot exchange-traded fund (ETF) in the U.S. The approval of these ETF applications is widely anticipated from the Securities and Exchange Commission this week.
This information is not legal advice. Do your own research before making any decisions. Only invest what you can afford to lose and seek independent financial advice if needed. Understand the risks involved before purchasing any cryptoassets.