SINGAPORE, Monday, August 19, 2024- Digital asset service provider BitGo has been granted the Major Payment Institution (MPI) License by the Monetary Authority of Singapore (MAS), enabling the company to expand its offerings in the region.
Announced on August 8, the MPI License allows BitGo to provide a range of digital payment token (DPT) services, including custody and trading, within Singapore. The license also permits unlimited payment services provision, a significant development for the company’s operations in Asia.
“Singapore’s robust and clear regulatory framework supports our commitment to offering regulated, secure, and compliant digital asset services to the region,” BitGo said in a statement. The move reflects the company’s efforts to meet increasing client demands for regulated digital payment services.
The license was granted a week after HashKey Group’s over-the-counter trading arm received similar approval from Singapore’s financial regulator. BitGo clients in Singapore will now have access to buy and sell cryptocurrency assets using the platform’s insured cold storage custody solution.
With this latest approval, MAS has issued the MPI License to 27 crypto firms, including major players like Coinbase, Sygnum, and Upbit. BitGo previously received in-principal approval from MAS in January 2024, following similar approvals from Germany’s BaFin and New York’s Department of Financial Services (NYDFS).
Singapore is a leading global financial center with a significant cryptocurrency ownership rate of 24.4%, according to crypto payments provider Triple-A.
The city-state’s strong regulatory framework and recent efforts to address money laundering risks associated with digital tokens underscore its commitment to maintaining a secure and compliant crypto ecosystem.
In April, MAS intensified its regulatory oversight to mitigate risks associated with digital payment tokens, aiming to promote productive blockchain technology use while managing money laundering concerns.
