BitGo, a US-based wallet infrastructure provider and digital asset custodian, has received approval for a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). This regulatory milestone enables BitGo to offer regulated digital payment token services in Singapore, including custody and trading.
Key Developments
- Regulated Services: BitGo Singapore Pte. Ltd., a subsidiary, will provide insured cold storage custody solutions for buying/selling digital assets under full licensing.
- Transaction Flexibility: The MPI license exempts BitGo from standard transaction limits (e.g., S$30,000 per single payment service or S$60,000 monthly for multiple services).
- Market Expansion: BitGo joins 27 MPI-licensed entities in Singapore, including Coinbase, Crypto.com, and Ripple.
Strategic Implications
Enhanced Service Offerings
BitGo can now deliver:
- Regulated custody and trading solutions.
- Self-custody wallet options (unique in the region).
Leadership Perspectives
Youngro Lee, CEO of BitGo Singapore:
"This license heralds a new era for BitGo’s international operations, enabling unparalleled digital asset solutions in Asia and beyond."
Mike Belshe, BitGo CEO:
"We address diverse client needs—from fully regulated services to flexible self-custody—all under one platform."
Regulatory Context
Singapore’s updated 2024 Money Laundering National Risk Assessment highlights risks tied to digital payment token providers. Recent amendments to the Payment Services Act expand regulatory oversight of such services.
👉 Explore secure crypto solutions with BitGo
Frequently Asked Questions (FAQ)
1. What does BitGo’s MPI license allow?
It permits BitGo to offer regulated digital payment token services (e.g., custody, trading) without transactional limits imposed on smaller entities.
2. How does this benefit BitGo’s clients?
Clients gain access to insured cold storage and compliant trading services, enhancing security and regulatory adherence.
3. Which other major crypto firms operate under Singapore’s MPI license?
Notable licensees include Coinbase, Crypto.com, and Ripple.
4. What regulatory changes impacted this sector?
Singapore’s 2024 updates to anti-money laundering frameworks and the Payment Services Act expanded oversight of crypto service providers.
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4. **Regulatory Depth**: Context on Singapore’s financial policies and BitGo’s compliance.