- While the full permission is being processed, BitGo may continue operations with this license.
- This authorization follows BitGo’s acquisition of a crypto custody license in Germany last year.
The BitGo crypto custody firm has received an in-principle approval for a Major Payment Institution (MPI) license via its local entity from Singapore’s financial regulator, the Monetary Authority of Singapore (MAS). A post on Twitter declared the in-principle approval by the corporation.
This authorization follows BitGo’s acquisition of a crypto custody license in Germany from BaFin, the country’s Federal Financial Supervisory Authority, on October 24, 2023. As part of a transitional regime, BitGo has been keeping crypto assets like Bitcoin for its customers since 2019 under the supervision of BaFin before getting the BaFin license.
Exempt from Transaction Limits
While the full permission is being processed, BitGo may continue operations with this license, allowing them to serve customers in the nation using digital payment tokens. The Monetary Authority of Singapore (MAS) states that companies holding an MPI license are exempt from the 2.2 million Singapore dollar ($3 million) transaction limit for all payment services.
Additionally, the authorized businesses are exempt from the 6 million Singapore dollars ($4.4 million) monthly transaction limit for two or more payment services that are not related to the issuance of electronic money accounts or the exchange of currency.
Coinbase, Ripple, and Crypto.com are among the other firms that have successfully secured full MPI licenses in Singapore. The nation’s policy is to promote technology without speculation and to strike a balance between protective rules and beneficial ones.
As part of their application to create a spot exchange-traded fund (ETF) in the US, Hashdex chose BitGo as the Bitcoin custodian in December 2023. U.S. spot Bitcoin exchange-traded funds (ETFs) are anticipated to get approval from the Securities and Exchange Commission (SEC) as soon as today.
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Source: https://thenewscrypto.com/bitgo-secures-in-principle-approval-for-mpi-license-by-singapores-mas/