BitGo, a leading crypto custody business, has achieved a significant regulatory milestone in Singapore. The company has received in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license through its local entity. This development allows BitGo to operate while awaiting a complete permit, enabling it to provide digital payment token services to clients in the city-state.
This in-principle license approval is part of BitGo's strategic plan to expand its global footprint and provide regulated, secure, and trusted solutions in the Asia-Pacific region. The company applauds Singapore’s robust regulatory framework for digital assets, which aligns with its commitment to compliance and security.
The MPI license authorizes BitGo to conduct payment services without being subjected to certain transaction limits. Approved companies can operate beyond the 3 million Singapore dollars ($2.2 million) limit for any payment service and the 6 million SG$ ($4.4 million) monthly transactions limit for specific services.
BitGo had earlier secured a crypto custody license in Germany from the Federal Financial Supervisory Authority (BaFin) and has been storing crypto assets for clients since 2019. The company's recent $100 million Series C financing round, which brought its valuation to $1.75 billion, is part of its effort to expand regulated custody wallet and infrastructure solutions.
Singapore is known for balancing favorable regulations with protection while promoting technology without speculation. Entities including Coinbase, Crypto.com, and Ripple have obtained complete MPI licenses in Singapore, showcasing the country's position as a crypto-friendly and regulated environment.
BitGo's in-principle MPI license in Singapore marks a significant step in its journey to provide regulated digital asset services globally. This move underscores the growing acceptance and regulation of cryptocurrency businesses in major financial markets.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.
