BitGo, a crypto custody business, has received in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license. This approval allows BitGo to operate and provide digital payment token services to clients in Singapore while awaiting a full permit.
According to the MAS, MPI-licensed firms can conduct payment services without being subjected to transaction limits of 3 million Singapore dollars ($2.2 million) for any payment service. They are also exempt from the 6 million SG$ ($4.4 million) limit of monthly transactions for two or more payment services other than e-money account issuance and money-changing services.
This approval comes after BitGo’s acquisition of the BaFin license in Germany on Oct. 24, 2023. Prior to this, BitGo had been storing crypto assets like Bitcoin for its clients since 2019 under the supervision of BaFin as part of a transitional regime.
Other entities such as Coinbase, Crypto.com, and Ripple have obtained complete MPI licenses in Singapore. The country aims to balance favorable regulations with protection while promoting technology without speculation.
In December 2023, Hashdex chose BitGo as the Bitcoin custodian in its application to become an issuer of a spot exchange-traded fund (ETF) in the U.S. Approvals from the Securities and Exchange Commission (SEC) for this ETF are expected this week.
In August 2023, BitGo raised $100 million in Series C financing, bringing the company’s valuation to $1.75 billion. The company planned to use the funds raised to make strategic acquisitions and expand BitGo’s regulated custody wallet and infrastructure solutions.
BitGo did not respond to a request for comment.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Asia |
| Countries | 🇸🇬 🇩🇪 🇺🇸 |
| Sentiment | positive |
| Relevance Score | 1 |
| People | None |
| Companies | Ripple, BaFin, Hashdex, Crypto.com, Cointelegraph, Monetary Authority of Singapore, BitGo, Securities and Exchange Commission, Coinbase |
| Currencies | Bitcoin, Singapore Dollar |
| Securities | None |
