Digital asset service provider BitGo has secured a major license in Singapore.
The company announced on August 7th that it had received a Major Payment Institution License from the Monetary Authority of Singapore (MAS).
BitGo Secures Major License in Singapore for Digital Asset Services
The license allows BitGo to operate in Singapore with increased flexibility. Companies that secure the MPI can provide multiple financial services, including digital payment token services, without facing similar transaction limits as smaller firms. BitGo joins other major digital asset companies like Circle, Coinbase, Ripple, and Paxos to secure the MPI license in Singapore.
The MPI license comes just a few months after BitGo received in-principle approval for the license in January 2024. The MPI license, among other things, would enable Bitgo to offer regulated digital payment token services in Singapore, including custody and trading.
BitGo, before obtaining the license, provided custody services to users in Singapore and the Asia-Pacific region through its US-based South Dakota Trust and hot wallets. However, these services were unregulated.
Singapore Continues to Regulate Crypto
BitGo CEO Mike Belshe highlighted Singapore as one of Asia’s financial hubs. He said, “With this license, we can meet the rising demands of clients with a diverse set of needs, from fully regulated custody and trade to self-custody wallets. BitGo is the only company in the region offering the full set of services”. Here is an example:
Source: X
Singapore has adopted a cautious yet progressive approach to cryptocurrencies and digital assets. This has made it a likely destination for most crypto projects. Despite being a crypto-friendly zone, Singapore imposes strict policies guiding crypto activities. The city-state updated its Money Laundering National Risk Assessment in July. The report identified huge risks with digital payment token service providers.
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