BitGo Receives Approval from Monetary Authority of Singapore to Operate as Major Payment Institution

BitGo Receives Approval from Monetary Authority of Singapore to Operate as Major Payment Institution

Crypto custodial service provider BitGo has reached a significant milestone by receiving in-principle approval from the Monetary Authority of Singapore (MAS) to operate as a Major Payment Institution (MPI), as stated in a press release on January 10th. This approval allows BitGo to conduct its operations without encountering the usual transaction limits and monthly caps faced by other payment service providers in Singapore. By obtaining this license, BitGo emerges as one of the leading regulated digital payment token service providers in Asia.

With this approval, BitGo will be able to offer its clients a comprehensive range of services, including secure buying and selling of digital assets. The CEO of BitGo, Mike Belshe, expressed gratitude to the Singaporean authorities for granting the licensing, noting that it will enable BitGo users across three continents to benefit from decentralized custody solutions. BitGo’s expansion into Singapore enhances its global presence and positions it as a trusted provider of regulated and secure services in the APAC region.

Founded in 2013, BitGo has experienced remarkable growth since its inception. The company’s platform supports over 700 digital assets and serves over 1,500 institutional clients from 50 different countries, as stated on its website. BitGo has recently obtained licenses in Germany and has been selected as a Bitcoin custodian for Hashdex’s application for a spot exchange-traded fund (ETF) in the United States. These achievements further solidify BitGo’s position as a key player in the cryptocurrency industry.

Singapore, known for its proactive regulatory framework surrounding cryptocurrencies, has emerged as a favored hub for numerous digital asset companies. The city-state has implemented new regulations to safeguard its citizens from potential risks associated with the rapidly evolving industry. In line with its commitment to fostering innovation while maintaining regulatory oversight, the MAS has recently granted licenses to three major crypto firms, including Ripple, Circle, and UPbit. These licenses allow the firms to expand their operations within the region and contribute to Singapore’s growing prominence in the global cryptocurrency landscape.

BitGo’s approval as a Major Payment Institution in Singapore marks a significant achievement not only for the company but also for the overall development of the cryptocurrency ecosystem in the country. As BitGo continues to expand its services and cater to a growing number of institutional clients, its presence in Singapore will further bolster the city-state’s reputation as a secure and regulated hub for digital asset companies. The MAS’s support in granting licenses to prominent crypto firms further cements Singapore’s position as a leader in fostering innovation while upholding robust regulatory measures. With both BitGo and Singapore making remarkable strides in the crypto industry, the future looks promising for the growth and adoption of cryptocurrencies in the APAC region.

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