BitGo gets Singapore payment licence

Cryptocurrency custody firm BitGo is expanding its global operations by obtaining the Major Payment Institution License (MPI) from the Monetary Authority of Singapore (MAS).

The MPI license allows companies to provide a wide range of payment services, such as digital payment token services, without being subject to transaction limits imposed on smaller entities. According to data from the MAS, BitGo is now one of 27 MPI-licensed firms alongside major industry companies like the United States exchange Coinbase, Circle, HashKey, Paxos, Revolut, Ripple, and others.

With the new license, BitGo is officially allowed to offer regulated digital payment token services, such as custody and trading in Singapore.

Before receiving the license, BitGo served users in Singapore and the Asia-Pacific region. The offering only included custody services from the US South Dakota Trust and hot wallets.

Singapore takes a cautious approach to developing as a crypto hub

One of only three city-states in the world, Singapore has emerged as a significant hub for cryptocurrency and blockchain technology. Despite issuing licenses to multiple crypto firms, the government of Singapore has still somewhat hardened its regulatory stance on crypto, particularly after the local hedge fund Three Arrows Capital went bankrupt during the 2022 crypto bear market.

Officials from BitGo said that with this license, they can meet the rising demands of clients with a diverse set of needs, from fully regulated custody and trade to self-custody wallets. BitGo is one of the only companies in the region offering the full set of services.