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

CoinDeskPolicyPublicado em 2024-01-09Última atualização em 2024-01-10

Resumo

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.

STORY CONTINUES BELOW

Recommended for you:

Edited by Sheldon Reback.

Leituras Relacionadas

Bullish provides USD.AI $100M stablecoin facility for GPU-backed lending

Bullish has provided USD.AI with a $100 million stablecoin-based debt facility to finance loans secured by GPU hardware for AI infrastructure operators. USD.AI, an onchain financing platform by Permian Labs, connects stablecoin liquidity with GPU financing demand. Bullish plans to list USD.AI's sUSDai token and support it with market-making to enhance liquidity for GPU-backed debt. The facility expands USD.AI's business, following recent loans backed by thousands of Nvidia GPUs and a previous $4 million investment from Bullish Capital. Separately, Bullish shares have rebounded 45% in the past month amid a broader crypto stock recovery, though they remain down over 60% from their NYSE debut in August 2025.

cointelegraphHá 30m

Bullish provides USD.AI $100M stablecoin facility for GPU-backed lending

cointelegraphHá 30m

Frenzy Over XRP on Nasdaq: SEC Approves Question Concerning XRP! Here Are the Details

Amid rising Bitcoin and altcoin markets, positive momentum is also observed for XRP. In this context, Evernorth, the company managing XRP, has taken a significant step toward listing on Nasdaq via a SPAC merger. The U.S. Securities and Exchange Commission (SEC) has declared effective Evernorth's Form S-4 registration statement for its proposed merger with special purpose acquisition company Armada Acquisition Corp. II. A shareholder vote on the merger is scheduled for September 30, 2026. This development marks a crucial milestone, paving the way for Evernorth to list on Nasdaq. Upon shareholder approval and fulfillment of other closing conditions, the combined company is expected to trade on Nasdaq under the ticker "XRPN" as a treasury company focused on XRP. Evernorth's founder and CEO, Ashish Birla, emphasized the goal of creating a transparent, actively managed XRP treasury that meets public market standards. The company's investors include Ripple, SBI Group, Pantera Capital, Kraken, GSR, and Arrington Capital, with over $1 billion in gross proceeds and committed capital raised.

cryptonews.ruHá 1h

Frenzy Over XRP on Nasdaq: SEC Approves Question Concerning XRP! Here Are the Details

cryptonews.ruHá 1h

Solana's Historic First Governance Vote Concludes: Why Did SGP-003 Spark Massive Controversy?

Solana has completed its first-ever formal on-chain governance vote, marking a shift towards decentralized decision-making. Three proposals, SGP-0001, SGP-0002, and SGP-0003, were voted on. SGP-0001, establishing the foundational governance framework, and SGP-0002, accelerating the reduction of SOL's inflation rate, both passed. However, the most contentious proposal, SGP-0003, failed to reach the required supermajority. SGP-0003 proposed a significant change to Solana's fee structure, introducing a variable "Resource Fee" based on computational unit (CU) consumption, which would be entirely burned. Supporters, including some core developers, argued it would create fairer resource pricing and increase SOL's deflationary pressure. Opponents, led by major DeFi applications like Jupiter and Drift, criticized it as an effective tax on complex applications, warning it would unpredictably increase operational costs and undermine business models built on Solana's low fees. The vote outcome highlights a critical tension within Solana's growing ecosystem: balancing the interests of SOL holders (through deflationary mechanisms), validators (through rewards), and application developers (through cost predictability). As Solana evolves from a high-performance blockchain to one hosting substantial economic activity, governance is becoming central to its future development and competitiveness.

marsbitHá 1h

Solana's Historic First Governance Vote Concludes: Why Did SGP-003 Spark Massive Controversy?

marsbitHá 1h

Bitcoin dips to $78.4K as Fed’s Warsh downplays softer inflation prints

Bitcoin experienced volatility following Fed Chair Kevin Warsh's comments at the Jackson Hole Symposium, dipping to around $78.4K. Warsh downplayed recent softer inflation prints in CPI and PCE data, stating underlying trends had not "meaningfully improved" and committing to the 2% inflation target. He also announced the Fed would avoid forward guidance in the future. While U.S. stocks avoided losses, Bitcoin continued to trade around $80,000 ahead of the monthly close. Analysis noted that sustaining a break above $83,000 would require support from derivatives markets, with controlled funding rates and gradual open interest growth being key to avoid excessive leverage-driven moves. Despite recent resistance, Bitcoin was on track for its best August performance since 2017.

cointelegraphHá 1h

Bitcoin dips to $78.4K as Fed’s Warsh downplays softer inflation prints

cointelegraphHá 1h

Wash's Jackson Hole Debut: Bidding Farewell to 'Forward Guidance', Reshaping Fed Discipline Amidst the Squeeze Between AI and Inflation

In his first Jackson Hole speech, new Fed Chair Kevin Warsh signaled a significant shift in monetary policy communication. He declared that "forward guidance," a tool heavily used since the financial crisis, has outlived its usefulness in normal times and should be retired. He cautioned that over-reliance on it can distort market signals and constrain the Fed's flexibility. Instead, Warsh emphasized a return to data-dependence and decision-making discipline. Warsh outlined seven key principles to guide policy: anchoring the 2% inflation target, pursuing the employment mandate, using short-term rates as the primary tool, acknowledging the importance of money, and maintaining purposeful, restrained communication. He stressed that policy should focus on trends, not single data points. On the current economic outlook, Warsh noted that the labor market is consistent with full employment but inflation remains "far above" the Fed's target. He highlighted that over half of the PCE basket's components are still rising above 3% annually. While acknowledging AI's transformative potential for productivity and capital allocation, he admitted its full economic impact remains uncertain and is not a factor in current policy decisions. His core message was a commitment to policy discipline rather than pre-set decisions. Warsh stated the Fed's primary focus must be on restoring price stability, vowing, "We still have work to do," until there is clear evidence inflation is moving decisively toward 2%. He concluded by framing effective monetary policy as crucial for economic prosperity and U.S. global leadership.

Odaily星球日报Há 2h

Wash's Jackson Hole Debut: Bidding Farewell to 'Forward Guidance', Reshaping Fed Discipline Amidst the Squeeze Between AI and Inflation