Crypto custody service provider BitGo has received in-principle approval from the Monetary Authority of Singapore (MAS) to operate as a Major Payment Institution (MPI), according to a January 10 statement.
MPI-licensed companies in Singapore have the authority to operate without complying with transaction limits set at 3 million Singapore dollars, or $2.2 million, for any payment service. These approved businesses are also exempt from the monthly transaction limit of 6 million Singapore dollars, or US$4.4 million, for two or more payment services, excluding the issuance of electronic money accounts and currency exchange services.
BitGo’s approval thus puts it at the forefront of regulated digital payment token service providers in Asia. Upon receiving the full license, the company can provide a comprehensive range of services, including enabling its customers to buy and sell digital assets securely.
BitGo CEO Mike Belshe appreciated Singapore authorities for the licensing, adding that the move would enable users on three continents to enjoy decentralized custody.
“This expands our global footprint and provides APAC with regulated, secure and trusted solutions,” BitGo said.
BitGo was founded in 2013 and has grown tremendously since its launch. According to its website, the platform supports more than 700 digital assets and serves more than 1,500 institutional clients in 50 countries.
It recently obtained a license in Germany and was chosen as the Bitcoin custodian for Hashdex’s application for a spot exchange-traded fund (ETF) in the US.
Known for its proactive crypto regulatory framework, Singapore has become a favorite hub for numerous digital asset companies. The city-state has introduced new regulations to protect its citizens from emerging industrial risks.
The MAS recently granted licenses to three major crypto companies, including Ripple, Circle and UPbit, allowing them to expand their regional operations.