BitGo Secures In-Principle Approval for Major Payment Institution License in Singapore

BitGo, a prominent player in the crypto custody business, has received in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license through its local entity. 

This notable development positions BitGo to provide digital payment token services to clients in Singapore while awaiting the issuance of a complete permit.

MAS outlines that firms with an MPI license are empowered to conduct payment services without being restricted by transaction limits, a significant advantage for companies like BitGo. 

Specifically, MPI-licensed entities are exempted from the 3 million Singapore dollars transaction limit for any payment service. 

These approved companies are also not bound by the 6 million SG$ monthly transaction limit for two or more payment services, excluding e-money account issuance and money-changing services.

This comes in the wake of BitGo’s success in securing a crypto custody license from the German Federal Financial Supervisory Authority (BaFin) in October 2023. 

BitGo has been actively storing crypto assets, including Bitcoin, for clients since 2019, operating under BaFin’s supervision within a transitional regime.

BitGo receives in-principle approval from the Monetary Authority of Singapore (MAS).

This expands our global footprint and provides APAC with regulated, secure and trusted solutions.

We applaud Singapore’s sound, clear and robust regulatory framework for digital assets. 🇸🇬… https://t.co/yTbMgudMCf

— BitGo (@BitGo) January 10, 2024

BitGo’s Growing Global Presence

BitGo’s in-principle approval for the MPI license in Singapore follows a series of strategic moves and recognitions. 

Hashdex, in its pursuit to become an issuer of a spot exchange-traded fund (ETF) in the U.S., selected BitGo as its Bitcoin custodian in December 2023. 

The anticipated approval of the first spot BTC ETFs in the United States by the Securities and Exchange Commission adds significance to BitGo’s role in this application.

The approval in Singapore aligns with the company’s commitment to expanding its global footprint. 

BitGo’s CEO, Mike Belshe, expressed enthusiasm about the recent developments, stating:

“We look forward to expanding our global footprint and providing our clients with regulated, secure and trusted solutions.”

BitGo, backed by a successful Series C financing round in August 2023 that raised $100 million, has earmarked these funds for strategic acquisitions and expanding its regulated custody wallet and infrastructure solutions.

Singapore has witnessed the grant of complete MPI licenses to several entities, including Coinbase, Crypto.com, and Ripple.