March 27, 2024
BitGo Grabs Preliminary Approval for Singapore MPI
Policy & Regulation

BitGo Grabs Preliminary Approval for Singapore MPI

BitGo, a crypto custody business, has received in-principle approval from Singapore’s Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license. This approval allows BitGo to offer digital payment token services in Singapore while awaiting the complete permit. The MPI license authorizes firms to conduct payment services without being subject to transaction limits, providing flexibility for businesses in the digital payments sector.

This development follows BitGo’s crypto custody license approval in Germany from the German Federal Financial Supervisory Authority (BaFin) in October 2023. The company has been storing cryptocurrencies for clients since 2019 under BaFin’s supervision.

In December 2023, Hashdex selected BitGo as the custodian for Bitcoin in its application to become an issuer of a spot exchange-traded fund (ETF) in the United States, where the approval for the first spot BTC ETFs is anticipated by January 10, 2024. BitGo previously raised $100 million in Series C financing in August 2023, valuing the company at $1.75 billion, with plans to expand its regulated custody wallet and infrastructure solutions.

This approval aligns with Singapore’s efforts to strike a balance between favorable regulations and investor protection, fostering technological advancements in the financial sector. Notably, other entities such as Coinbase, Crypto.com, and Ripple have also obtained complete MPI licenses in Singapore, contributing to the country’s position as a hub for innovative fintech solutions.

Photo by Pixabay

Related posts

U.S. Senators Challenge CBDC Status as ‘Money’ with Multiple Bills

Henry Clarke

IMF Urges Pakistan: Tax Crypto Profits to Unlock $3 Billion Bailout

Bran Lopez

Grayscale Investments Seeks SEC Approval for Ethereum Futures ETF Amid Bitcoin ETF Battles

Kevin Wilson

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More