US crypto firm BitGo bags major payment license in Singapore
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Loading... - Mei Takehiko
- 14 Aug 2024
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U.S.-based cryptocurrency custody firm BitGo has secured the Major Payment Institution (MPI) License from the Monetary Authority of Singapore (MAS), marking a significant expansion of its global operations into one of the world’s most crypto-friendly markets. The license allows BitGo to provide a broad range of payment services, including regulated digital payment token services such as custody and trading, without the transaction limits that apply to smaller entities.
BitGo now joins a select group of 27 MPI-licensed firms in Singapore, alongside prominent industry players like Coinbase, Circle, HashKey, Paxos, Revolut, and Ripple. This development follows BitGo's receipt of in-principle approval for the license in January 2024.
Before obtaining the MPI license, BitGo’s services in Singapore and the Asia-Pacific region were limited to custody services provided through the US South Dakota Trust and unregulated hot wallets. With the new license, BitGo is poised to enhance its offerings and deliver more comprehensive digital asset solutions to clients in Asia and beyond.
Youngro Lee, CEO of BitGo Singapore, emphasized the significance of this milestone, stating, "This license marks a new era for BitGo’s international operations, enabling us to deliver unparalleled digital asset solutions to our clients in Asia and beyond."
