BitGo, a renowned crypto custodian, has received in-principle approval from the Monetary Authority of Singapore (MAS) to operate as a Major Payment Institution (MPI). This approval is a significant step towards obtaining a full MPI license, which would allow BitGo to offer digital payment token services in Singapore.
The US-based company’s Singapore arm is eagerly awaiting the full MPI license. Once granted, BitGo plans to expand its product and service offerings in Singapore, enabling institutional clients to buy and sell crypto from the firm’s insured cold storage custody solution.
BitGo’s Asia-Pacific managing director, Mr Lim Ho Beng, expressed his enthusiasm for the expansion into Singapore. He cited the city-state’s clear regulatory stance on digital assets and its strategic position as a leading innovation hub and gateway to Asia-Pacific as key reasons for the move. He believes that these factors position BitGo as a leading provider of digital asset services for institutional finance throughout the Asia-Pacific region.
In addition to the Singapore approval, BitGo has also recently obtained a BaFin license in Germany. BitGo’s CEO, Mike Belshe, expressed his excitement about expanding the company’s global footprint and providing clients with regulated, secure, and trusted solutions.
In related news, BitGo has been named as the official Bitcoin custody provider by Hashdex in its spot Bitcoin ETF application. Hashdex, a leading global crypto-focused asset manager with $540M in AUM, has been a long-time collaborator with BitGo. Belshe commented on this partnership, stating that Hashdex has paved the way for institutional adoption of digital assets with their spot Bitcoin ETF in Brazil. He is pleased to support their spot ETF application in the U.S. and aims to demonstrate the value in bringing traditional finance risk management and compliance standards to drive the next wave of adoption.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Asia |
| Countries | 🇸🇬 🇺🇸 🇩🇪 🇧🇷 |
| Sentiment | positive |
| Relevance Score | 1 |
| People | Mike Belshe, Mr Lim Ho Beng |
| Companies | Strait Times, Hashdex, CoinDesk, Monetary Authority of Singapore (MAS), BitGo |
| Currencies | Bitcoin |
| Securities | None |
