Crypto custodian BitGo has received in-principle approval from the Monetary Authority of Singapore (MAS) to operate as a Major Payment Institution (MPI) in Singapore. This approval allows BitGo to offer digital payment token services while it awaits a full MPI license. Once granted, the license will enable the company to expand its product offerings and services to institutional clients in Singapore.
BitGo’s Singapore arm plans to provide a secure custodian solution for institutional clients to buy and sell crypto. The company’s Asia-Pacific managing director, Lim Ho Beng, highlighted Singapore’s regulatory clarity and its position as an innovation hub and gateway to Asia-Pacific as key reasons for BitGo’s expansion to the city-state.
BitGo’s Growing Global Presence
The in-principle approval from Singapore follows BitGo’s recent acquisition of a BaFin license in Germany. BitGo aims to expand its global footprint and offer regulated and secure solutions to its clients. Additionally, BitGo has been named as the custodian for Hashdex Bitcoin in its spot Bitcoin ETF application, demonstrating the company’s qualifications and ability to provide secure custody services.
Through these developments, BitGo is positioned as a leading provider of digital asset services for institutional finance in the APAC region.
Hot Take: BitGo Secures Approval to Operate as MPI in Singapore
BitGo’s in-principle approval from the Monetary Authority of Singapore (MAS) to operate as a Major Payment Institution (MPI) is a significant milestone for the crypto custodian. It enables BitGo to offer digital payment token services in Singapore and marks a step closer to obtaining a full MPI license. Singapore’s regulatory clarity and its position as an innovation hub have attracted BitGo’s expansion, making it a leading provider of digital asset services in the APAC region.
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