US crypto firm BitGo wins payment license in Singapore

California-based cryptocurrency custody agency BitGo is increasing its international operations by acquiring regulatory approval in Singapore, one of many world’s most crypto-friendly nations.

BitGo has obtained the Main Cost Establishment License (MPI) from the Financial Authority of Singapore (MAS), the agency formally announced on Aug. 7.

The MPI license permits firms to supply a variety of fee providers, resembling digital fee token providers, with out being topic to transaction limits imposed on smaller entities.

According to knowledge from the MAS, BitGo is now considered one of 27 MPI-licensed corporations alongside main trade firms like the US change Coinbase, Cicle, HashKey, Paxos, Revolut, Ripple and others.

BitGo now presents digital fee token providers in Singapore

BitGo’s MPI license acquisition comes just a few months after the corporate received in-principle approval for the license in January 2024.

With the brand new license, BitGo is now formally allowed to supply regulated digital fee token providers, resembling custody and buying and selling in Singapore.

Earlier than receiving the license, BitGo served customers in Singapore and the Asia-Pacific area. The providing solely included custody providers from the US South Dakota Belief and scorching wallets — which aren’t regulated merchandise and are slightly tech-only, a spokesperson for BitGo informed Cointelegraph.

“This license marks a brand new period for BitGo’s worldwide operations, enabling us to ship unparalleled digital asset options to our shoppers in Asia and past,” BitGo Singapore CEO Youngro Lee said.

Singapore takes a cautious method to growing as a crypto hub

Considered one of solely three city-states on the planet, Singapore has emerged as a big hub for cryptocurrency and blockchain expertise.

Regardless of issuing licenses to a number of crypto corporations, the federal government of Singapore has nonetheless considerably hardened its regulatory stance on crypto, notably after the native hedge fund Three Arrows Capital went bankrupt in the course of the 2022 crypto bear market.

Associated: Cash, not crypto, still top funding choice for terrorists, Singapore reports

In line with BitGo CEO Mike Belshe, Singapore is a number one monetary heart in Asia. He said:

“With this license, we will meet the rising calls for of shoppers with a various set of wants, from totally regulated custody and commerce to self-custody wallets. BitGo is the one firm within the area providing the total set of providers.”

In July 2024, Singapore’s up to date Cash Laundering Nationwide Danger Evaluation identified vital risks stemming from digital payment token (DPT) service suppliers.

In April 2024, the MAS announced amendments to the nation’s Cost Providers Act to broaden the scope of regulated providers associated to digital fee token service suppliers.

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