Cryptocurrency custodian service provider BitGo has received in-principle approval from the Monetary Authority of Singapore (MAS) to operate as a principal payment institution (MPI), according to a statement on January 10.
MPI-approved companies in Singapore are authorized to operate without encountering a transaction limit set at S$3 million, or $2.2 million, for any payment service. Businesses with these approvals will also be exempted from the S$6 million ($4.4 million) monthly transaction cap for two or more payment services, excluding electronic money account issuance and currency exchange services.
Therefore, BitGo’s approval places BitGo at the forefront of regulated digital payment token service providers in Asia. Once fully licensed, the company will be able to offer a comprehensive range of services, including enabling clients to securely buy and sell digital assets.
BitGo CEO Mike Belshe thanked the Singapore authorities for the license, adding that the move will allow users on three continents to enjoy decentralized storage.
“This expands our global footprint and provides APAC with regulated, secure and reliable solutions,” BitGo said.
BitGo was founded in 2013 and has grown significantly since its launch. According to the company’s website, its platform supports more than 700 of his digital assets and serves his more than 1,500 institutional clients in 50 countries.
It recently secured a license in Germany and was selected as the Bitcoin administrator for HashDex’s spot exchange-traded fund (ETF) application in the US.
Known for its proactive cryptocurrency regulatory framework, Singapore has emerged as a preferred hub for numerous digital asset companies. The city-state has introduced new regulations to protect its citizens from new industrial risks.
MAS recently granted licenses to three major cryptocurrency companies, including Ripple, Circle, and Upbit, allowing them to expand their regional operations.