BitGo secures preliminary approval in Singapore to become major payment institution News ▸ Singapore ▸ Regulation
BitGo secures preliminary approval in Singapore to become major payment institution
Singapore has proven attractive to several crypto-related firms looking to expand their operations into new coast.
1 min read
Updated: Jan. 10, 2024 at 1:17 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Crypto custodial service provider BitGo has received in-principle approval from the Monetary Authority of Singapore (MAS) to operate as a Major Payment Institution (MPI), according to a Jan. 10 statement.
MPI-licensed companies in Singapore hold the authority to conduct their operations without encountering the transaction limits set at 3 million Singapore dollars, or $2.2 million, for any payment service. These approved firms are also exempted from the monthly transaction cap of 6 million Singapore dollars, or $4.4 million, for two or more payment services, excluding e-money account issuance and money-changing services.
Thus, BitGo’s approval places it at the forefront of regulated digital payment token service providers in Asia. Upon receiving the full license, the company can provide a comprehensive range of services, including enabling its clients to purchase and sell digital assets securely.
Mike Belshe, the CEO of BitGo, appreciated the Singaporean authorities for the licensing, adding that the move would allow its users across three continents to enjoy decentralized custody.
“This expands our global footprint and provides APAC with regulated, secure and trusted solutions,” BitGo stated.
BitGo was founded in 2013 and has grown enormously since its launch. According to its website, its platform supports over 700 digital assets and caters to over 1,500 institutional clients across 50 countries.
It recently secured licensing in Germany and was chosen as a Bitcoin custodian for Hashdex’s application for a spot exchange-traded fund (ETF) in the U.S.
Singapore, known for its proactive crypto regulatory framework, has emerged as a favored hub for numerous digital asset companies. The city-state has introduced new regulations to protect its citizens from emerging industry risks.
The MAS recently granted licenses to three major crypto firms, including Ripple, Circle, and UPbit, allowing them to expand their regional operations.
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Posted In: Singapore, Regulation
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