BitGo, a digital asset custody provider, has received an in-principle approval from the Monetary Authority of Singapore (MAS) to operate as a Major Payment Institution (MPI) in the country. This regulatory nod from MAS marks a significant expansion for BitGo, enabling it to offer regulated and secure solutions in the APAC region.
With the MPI license, BitGo is authorized to extend its services in Singapore while it awaits a full license from the regulator, which would allow the company to include digital payment tokens in its offerings. BitGo is also pursuing a full MPI license from MAS, aiming to join other major players in the crypto industry.
This approval comes on the heels of BitGo being named as the custodian for the spot Bitcoin ETF by Hashdex. Additionally, the company secured $100 million in its Series C funding round in August 2023 and announced a partnership with Copper in October to facilitate institutional access to regulated cold storage.
BitGo’s expansion into the Singapore market aligns with its strategic vision to position itself as a leading provider of crypto wallet and security infrastructure.
FAQs
What regulatory approval did BitGo receive in Singapore?
BitGo received in-principle approval to operate as a Major Payment Institution (MPI) from the Monetary Authority of Singapore (MAS).
What does this approval mean for BitGo?
The approval allows BitGo to offer regulated and secure solutions in the APAC region and expand its services to include digital payment tokens in Singapore.
What are some recent developments for BitGo?
BitGo was named as the custodian for the spot Bitcoin ETF by Hashdex and secured $100 million in its Series C funding round. Additionally, it formed a partnership with Copper to enable institutional access to regulated cold storage.