BitGo Receives Preliminary MPI-Approval from the Monetary Authority of Singapore

By: Eva Baxter

Crypto custodial service provider BitGo has achieved in-principle approval from Singapore's Monetary Authority (MAS) to operate as a Major Payment Institution (MPI). This move positions BitGo at the forefront of regulated digital payment token service providers across the Asian continent.

MPI-licensed companies in Singapore hold the authority to conduct their transactions without the usual transaction caps set at 3 million Singapore dollars, or $2.2 million, for any given payment service. In addition, they are exempt from the typical monthly transaction cap of 6 million Singapore dollars, or $4.4 million, for two or more payment services, excluding operations related to e-money account issuance and money-changing.

After obtaining this full license, BitGo will gain the ability to provide a comprehensive range of services to its clients, including enabling secure purchases and sales of digital assets. Established in 2013, BitGo now supports over 700 digital assets for over 1,500 institutional clients across 50 countries.

Recently, the company also secured licensing in Germany and has been selected as a Bitcoin custodian for Hashdex's application for a spot exchange-traded fund (ETF) in the U.S. With the new MPI license, Singapore strengthens its status as a sought-after hub for digital asset companies.