Crypto Custodial Service Provider BitGo Receives Approval to Operate in Singapore

Crypto Custodial Service Provider BitGo Receives Approval to Operate in Singapore

In a significant development for the cryptocurrency industry, BitGo has received in-principle approval from the Monetary Authority of Singapore (MAS) to operate as a Major Payment Institution (MPI). This approval places BitGo at the forefront of regulated digital payment token service providers in Asia, allowing the company to offer a comprehensive range of services to its clients securely. This article examines the implications of this approval for BitGo and the cryptocurrency ecosystem in Singapore.

The MPI license granted to BitGo enables the company to conduct its operations without encountering transaction limits or monthly caps imposed on payment services in Singapore. It provides BitGo with the flexibility to offer seamless transactions for its clients without arbitrary restrictions on the amounts involved. This approval solidifies BitGo’s position as a trusted and regulated custodian of digital assets in the region.

Implications for BitGo and its Users

BitGo, founded in 2013, has grown significantly since its inception. With its platform supporting over 700 digital assets and serving over 1,500 institutional clients across 50 countries, BitGo has established itself as a key player in the crypto custodial services sector. The approval from MAS further enhances BitGo’s credibility and global footprint. The CEO of BitGo, Mike Belshe, expressed his appreciation for the licensing and highlighted the benefits it brings to users across three continents. Clients will now be able to purchase and sell digital assets securely, enjoying the advantages of decentralized custody.

Singapore has emerged as a favored destination for digital asset companies due to its proactive crypto regulatory framework. The city-state has introduced regulations aimed at protecting its citizens from the risks associated with the industry while fostering innovation and growth. The recent granting of licenses by MAS to Ripple, Circle, and UPbit further strengthens Singapore’s position as a leading hub for crypto operations in the region.

BitGo’s approval to operate as a Major Payment Institution in Singapore is a significant milestone for the company and the wider cryptocurrency ecosystem. It places BitGo at the forefront of regulated digital payment token service providers in Asia, allowing it to offer a comprehensive range of services securely. Singapore’s proactive regulatory framework and commitment to fostering innovation have attracted numerous digital asset companies to establish their presence in the city-state. With BitGo joining the ranks of approved crypto firms in Singapore, the country’s position as a key hub for crypto operations is further solidified.

Regulation

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