January 11, 2024
By Sharan Kaur Phillora
BitGo, a renowned crypto custodian, has received in-principle approval to operate as a Major Payment Institution (MPI) in Singapore. This announcement in a recent email marks a pivotal step for BitGo in expanding its services globally.
Here’s what we know:
The Monetary Authority of Singapore (MAS), the nation’s central bank and financial regulator, has granted this approval, enabling BitGo to function in the city-state. At the same time, it awaits the grant of a full license.
The full license, once obtained, will authorize BitGo to offer digital payment token services to its clients in Singapore. This development is not just a win for BitGo but also aligns with Singapore’s ongoing efforts to establish a balanced regulatory environment.
The city-state is known for its attempts to strike a balance between fostering technological innovation and ensuring protective regulations, all while steering clear of speculative practices in the crypto sector. BitGo’s achievement places it alongside over a dozen entities, including prominent names like Coinbase, Crypto.com, and Ripple, which have already secured full MPI licenses in Singapore.
Mike Belshe, the CEO of BitGo, expressed excitement over this development. In his statement, Belshe highlighted that this approval follows closely after obtaining their BaFin license in Germany, emphasizing the company’s commitment to expanding its global footprint. BitGo aims to offer its clients regulated, secure, and trusted solutions, reinforcing its position as a leader in the crypto custodian space.
This approval from MAS comes at a crucial time for BitGo. Recently, the company was named by Hashdex as the bitcoin custodian in its application to become an issuer of a spot exchange-traded fund (ETF) in the United States. The crypto community eagerly anticipates the U.S. Securities and Exchange Commission’s (SEC) approval of such ETFs, which will be announced this week. BitGo’s involvement in Hashdex’s ETF application underscores its growing influence and trust within the industry.
In summary, BitGo’s in-principle approval by the MAS as a Major Payment Institution is a notable advancement in the crypto industry, especially for the Singaporean market. It reflects BitGo’s growing global presence and Singapore’s commitment to nurturing a secure, regulated, and forward-looking crypto ecosystem. This move paves the way for BitGo to cement its position as a trusted player in the digital asset space in Singapore and internationally.
About the author
Sharan Kaur Phillora’s thirst for knowledge has led her to study many different subjects, including NFTs and Blockchain technology – two emerging technologies that will change how we interact with each other in the future. When she isn’t exploring a new idea or concept, she enjoys reading literary masterpieces.
