BitGo, a US-based digital asset custodian, has received a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). This regulatory approval will allow BitGo to offer its custody services to clients in Singapore, a crypto hub in Asia. This development comes after the custodian received an in-principle approval (IPA) earlier this year in January.
In a press release, BitGo mentioned, “BitGo now offers regulated digital payment token services in Singapore. Clients will be able to buy and sell digital assets from the safety and security of BitGo’s insured cold storage custody solution built within a class III vault. Clients will have access to aggregated deep liquidity and an industry-leading platform for trading and custody.”
With the MPI license, the custodian can offer digital token services boundlessly in the geography, including custody, its premier service, and trading. Firms offering similar services without this specific license in Singapore observe restrictions like transaction limits. BitGo now joins big-name firms operating in Singapore, including Coinbase, Ripple, Circle, HashKey, and more.
BitGo CEO Mike Belshe mentioned, “Singapore is a leading financial centre in Asia. With this licence, we can meet the rising demands of clients with a diverse set of needs from fully regulated custody and trade to self-custody wallets. BitGo is the only company in the region offering the full set of services.”
Mirroring those sentiments, Youngro Lee, CEO of BitGo Singapore and Head of BitGo Asia, said, “This licence marks a new era for BitGo’s international operations, enabling us to deliver unparalleled digital asset solutions to our clients in Asia and beyond. We look forward to working with MAS closely in the journey ahead.”
BitGo’s efforts to secure regulatory approval in Singapore do not come easy despite the country’s reputation as a crypto hub. Its financial laws and those aimed at the crypto industry have become stringent following the collapse of Three Arrows Capital, based out of the region. Its new regulations, encompassing digital assets, aim to prevent money laundering through the asset class and uphold the integrity of its financial system.
