Crypto Custodian BitGo Wins In-Principle Approval as Major Payments Institution in Singapore

CoinDeskPolicyPublished on 2024-01-09Last updated on 2024-01-10

Abstract

BitGo was also recently named by Hashdex as the custodian in its application to become an issuer of a spot exchange-traded fund.

Crypto custodian BitGo was granted in-principle approval to operate as a Major Payment Institution (MPI) in Singapore, it said in a Wednesday email.

The license from the Monetary Authority of Singapore (MAS), the nation’s central bank and regulator, will allow BitGo to operate while awaiting a full license, which will let it offer digital payment token services to clients in the city-state.

More than a dozen entities, including Coinbase, Crypto.com and Ripple, have secured full MPI licenses in the country as Singapore attempts to strike a balance between favorable and protective regulations while continuing to promote technology without speculation.

This approval "comes on the heels of obtaining our BaFin licence in Germany," CEO Mike Belshe said in the email. "We look forward to expanding our global footprint and providing our clients with regulated, secure and trusted solutions.”

BitGo was last month named by Hashdex as bitcoin custodian in its application to become an issuer of a spot exchange-traded fund (ETF) in the U.S., approvals of which are widely expected from the Securities and Exchange Commission this week.

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Edited by Sheldon Reback.

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