BitGo, a digital asset custody provider, has been granted in-principle approval by the Monetary Authority of Singapore (MAS) to operate as a Major Payment Institution (MPI). This regulatory approval allows BitGo to expand its services in Singapore, providing the Asia-Pacific (APAC) region with regulated, secure, and trusted solutions.
The MPI license gives BitGo the green light to offer its services in Singapore while it awaits a full license from the regulator. Once the full license is obtained, BitGo plans to expand its services to include digital payment tokens. This move positions BitGo alongside major crypto players such as Coinbase, Ripple, and Crypto.com, who are also seeking to secure a full MPI license from MAS. Coinbase has recently identified Singapore as a key market in the APAC region.
This approval from Singapore’s financial regulator comes shortly after Hashdex named BitGo as the custodian for its spot Bitcoin ETF. BitGo, which also has regulatory approval from Germany’s BaFin, is making strides in establishing itself as a major player in the crypto industry.
In August 2023, BitGo announced that it had raised $100 million in its Series C funding round, at a valuation of $1.75 billion. The company plans to use this funding for strategic acquisitions and to position itself as a leading crypto wallet and security infrastructure provider.
In a recent development, BitGo revealed a partnership with the institutional digital asset infrastructure platform, Copper. This alliance aims to enable institutional access to spot and derivative exchanges from regulated cold storage.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Asia |
| Countries | 🇸🇬 🇩🇪 |
| Sentiment | positive |
| Relevance Score | 1 |
| People | None |
| Companies | Ripple, Hashdex, Crypto.com, Monetary Authority of Singapore, Copper, BitGo, Coinbase |
| Currencies | Bitcoin |
| Securities | None |
