BitGo, a crypto custodial service provider, has secured in-principle approval from the Monetary Authority of Singapore (MAS) to operate as a Major Payment Institution (MPI). This approval positions BitGo as a leading regulated digital payment token service provider in Asia. Once the full license is granted, BitGo will be able to offer a wide range of services, including enabling its clients to buy and sell digital assets securely.
As an MPI-licensed company in Singapore, BitGo will have the authority to conduct its operations without encountering the transaction limits set at 3 million Singapore dollars, or $2.2 million, for any payment service. The company will also be 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.
Mike Belshe, the CEO of BitGo, expressed his appreciation for the Singaporean authorities for the licensing. He stated that this move would allow BitGo’s users across three continents to enjoy decentralized custody. “This expands our global footprint and provides APAC with regulated, secure and trusted solutions,” BitGo stated.
Founded in 2013, BitGo has experienced significant growth since its launch. The platform supports over 700 digital assets and caters to over 1,500 institutional clients across 50 countries. The company 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, with its proactive crypto regulatory framework, has become 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.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Asia |
| Countries | 🇸🇬 🇺🇸 🇩🇪 |
| Sentiment | positive |
| Relevance Score | 1 |
| People | Mike Belshe |
| Companies | Ripple, UPbit, Circle, Monetary Authority of Singapore, BitGo |
| Currencies | Bitcoin, Singapore Dollar |
| Securities | None |
