Originally published on: August 08, 2024
BitGo, the California-based cryptocurrency custody firm, is making waves in the world of crypto by obtaining regulatory approval in Singapore, a country known for its crypto-friendly environment.
The Monetary Authority of Singapore (MAS) has granted BitGo the Major Payment Institution License (MPI), a significant milestone for the company as it expands its operations globally. This license allows BitGo to provide a wide range of payment services, including digital payment token services, without being limited by transaction restrictions.
BitGo joins a select group of 27 MPI-licensed firms in Singapore, including industry giants like Coinbase, Circle, and Ripple. This achievement follows the company’s in-principle approval for the license earlier in the year.
With the MPI license in hand, BitGo can now offer regulated digital payment token services, such as custody and trading, in Singapore. Prior to this, the company only provided custody services from the US South Dakota Trust and hot wallets to users in the Asia-Pacific region.
Youngro Lee, CEO of BitGo Singapore, expressed excitement about the new license, stating that it marks a new era for BitGo’s international operations and enables the company to deliver cutting-edge digital asset solutions to clients in Asia and beyond.
Singapore has emerged as a prominent hub for cryptocurrency and blockchain technology in recent years, attracting companies like BitGo with its progressive approach to regulation. While the government has tightened its stance on crypto following certain incidents, it remains a leading financial center in Asia.
BitGo CEO Mike Belshe emphasized Singapore’s importance as a financial hub, underscoring the country’s position in the global crypto landscape.
As Singapore continues to refine its regulatory framework for digital payment token service providers, companies like BitGo are well-positioned to capitalize on the evolving landscape of crypto regulation in the region.
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