Crypto custodian BitGo has been granted in-principle approval to operate as a Major Payment Institution (MPI) from the Monetary Authority of Singapore (MAS).
Crypto wallet provider BitGo’s Singapore arm obtained in-principle approval for a digital asset license from the MAS.
One Step Closer to Full MPI License
The Singapore arm of US-based crypto custodian BitGo announced it received in-principle approval to operate as a Major Payment Institution (MPI). The license, granted by the MAS, Singapore’s central bank and regulator, allows BitGo to operate while it awaits approval for a full MPI license. An MPI license allows the company to offer digital payment token services in Singapore.
According to a report by the Strait Times, when it receives its full MPI license, the firm plans to expand its products and services in Singapore so institutional clients can buy and sell crypto from the firm’s insured cold storage custody solution.
In a statement, BitGo’s Asia-Pacific managing director, Mr Lim Ho Beng, said Singapore’s regulatory clarity around digital assets and its strategic position as a leading innovation hub and gateway to Asia-Pacific are some of the main reasons why BitGo is expanding to the city-state. Mr Lim said Singapore’s stance on digital assets “positions BitGo as a leading provider of digital asset services for institutional finance throughout APAC.”
“The Monetary Authority of Singapore’s forward-looking and risk-proportionate regulatory framework for digital assets, as well as Singapore’s leading position as a financial centre, innovation hub and business gateway to APAC, are key factors driving BitGo’s commitment to Singapore as its regional headquarters,” Mr Lim explained.
BitGo Named as Hashdex Bitcoin (BTC) Custodian
In an email to crypto media news outlet CoinDesk, BitGo’s CEO Mike Belshe said the in-principle approval from Singapore “comes on the heels of obtaining our BaFin license in Germany.” Belshe added:
“We look forward to expanding our global footprint and providing our clients with regulated, secure and trusted solutions.”
Hashdex named BitGo its official Bitcoin custody provider in its spot Bitcoin ETF application. According to the announcement:
“BitGo has been a long-time collaborator with Hashdex, a leading global crypto-focused asset manager with $540M in AUM that serves as the digital asset advisor for DEFI. BitGo, the leading qualified custodian for institutions, is the ideal provider to demonstrate separation of custody.”
BitGo CEO, Mike Belshe, commented:
“Hashdex has already paved the way for institutional adoption of digital assets with their spot Bitcoin ETF in Brazil. We are pleased to be their custodian of choice to support their spot ETF application in the U.S. We aim to demonstrate the value in bringing traditional finance risk management and compliance standards to drive the next wave of adoption.”
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Source: https://cryptodaily.co.uk/2024/01/bitgo-receives-in-principle-approval-for-mpi-license-in-singapore