BitGo Secures Preliminary Approval as Major Crypto Payment Institution in Singapore

• BitGo receives initial approval to function as Major Payment Institution in Singapore
• License from Monetary Authority of Singapore
• Other entities with full MPI licenses
• Expansion after successful BaFin license acquisition in Germany
• BitGo recognized as bitcoin custodian by Hashdex

BitGo receives initial approval to function as Major Payment Institution in Singapore

BitGo, a well-known crypto custodian, has been given in-principle approval to serve as a Major Payment Institution (MPI) in Singapore. This information was disclosed via a company email sent on Wednesday.

License from Monetary Authority of Singapore

The Monetary Authority of Singapore (MAS), Singapore's central bank and regulatory body, has granted BitGo the license. This preliminary approval allows BitGo to operate while waiting for a full license and will enable the company to provide digital payment token services to its clients in the city-state.

Other entities with full MPI licenses

Over a dozen entities, such as Coinbase, Crypto.com and Ripple, have already secured full MPI licenses in the country. This is part of Singapore's strategy to balance beneficial and protective regulations, while still promoting technology without engaging in speculation.

Expansion after successful BaFin license acquisition in Germany

The approval comes shortly after BitGo obtained its BaFin license in Germany, as stated by CEO Mike Belshe in the email. "We look forward to expanding our global footprint and providing our clients with regulated, secure and trusted solutions," Belshe said.

BitGo recognized as bitcoin custodian by Hashdex

Just last month, BitGo was selected by Hashdex as a bitcoin custodian in its application to become an issuer of a spot exchange-traded fund (ETF) in the U.S. The Securities and Exchange Commission is expected to approve these applications in the coming week.

Edited by Jonathan Stoker