BitGo, a crypto custodian, has been granted in-principle approval to operate as a Major Payment Institution (MPI) in Singapore.
This approval was granted by the Monetary Authority of Singapore (MAS), the country’s central bank and regulator, and will allow BitGo to provide digital payment token services while awaiting a full license.
Singapore has already granted full MPI licenses to more than a dozen entities, such as Coinbase, Crypto.com, and Ripple, as it aims to strike a balance between favorable and protective regulations while promoting technology without speculation.
CEO Mike Belshe expressed excitement for the opportunity to expand their global presence and offer regulated and secure solutions to clients, following the acquisition of their BaFin license in Germany.
BitGo was also recently selected by Hashdex to serve as the bitcoin custodian for its spot exchange-traded fund (ETF) application in the United States. Approval for these ETFs is widely anticipated from the Securities and Exchange Commission this week.
