Digital assets service provider BitGo is the latest crypto company to receive a Major Payment Institution (MPI) License from the Monetary Authority of Singapore (MAS).
Announced Thursday, the license allows BitGo to provide digital payment token (DPT) services, including custody and trading in Singapore. Additionally, the MPI license permits unlimited payment services.
BitGo stated that Singapore’s robust and clear regulatory framework supports its commitment to offering the region regulated, secure, and compliant digital asset services.
This news follows a week after HashKey Group’s over-the-counter trading arm received MPI approval from Singapore’s regulator. BitGo’s clients in Singapore can buy and sell crypto assets using the platform’s insured cold storage custody solution.
The CEO of BitGo, Youngro Lee, described this development as “a new era for BitGo’s international operations.” So far, MAS has issued a major payment institution license to 27 crypto firms offering DPT services. This includes companies like Coinbase, Sygnum, StraitsX, Upbit, and Paxos.
In Jan. 2024, BitGo won in-principal approval from MAS. The approval followed BitGo’s acquisition of its BaFin license in Germany. Additionally, the company obtained approval from the New York Department of Financial Services (NYDFS) for the New York Trust Charter.
MAS leading the way in crypto adoption
According to crypto payments provider Triple-A, Singapore ranks second to the UAE in crypto ownership, with 25.3%. The island nation boasts one of the highest cryptocurrency ownership rates worldwide.
Additionally, Singapore has a strong regulatory framework that strengthens its role as a global financial center. In June. 2024, the regulator released a new report on money laundering risks, identifying crypto tokens and service providers as “high-risk” financial sectors.
MAS highlighted the misuse of digital payment tokens (DPTs) in various ways and reported an increase in cases involving them. In Apr. 2024, MAS strengthened its crypto regulations to promote the effective use of blockchain technology while addressing money laundering risks.
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