Summary:
- Regulatory Approval: BitGo, a California-based cryptocurrency custody firm, has received regulatory approval in Singapore by securing a Major Payment Institution License (MPI) from the Monetary Authority of Singapore (MAS).
- Global Expansion: The license allows BitGo to provide a wide range of payment services without the transaction limits imposed on smaller entities, further solidifying its presence in the global market.
- Industry Presence: BitGo joins 26 other MPI-licensed firms in Singapore, including industry giants like Coinbase, Circle, Ripple, and Paxos.
BitGo, a California-based cryptocurrency custody firm, is expanding its global operations by obtaining regulatory approval in Singapore, one of the world’s most crypto-friendly countries. The firm officially announced on August 7 that it has secured the Major Payment Institution License (MPI) from the Monetary Authority of Singapore (MAS).
The MPI license is a significant milestone for BitGo, as it allows the company to offer a wide range of payment services, such as digital payment token services, without being subject to the transaction limits imposed on smaller entities. This regulatory approval positions BitGo to better serve its clients in Singapore and across the Asia-Pacific region.
According to data from MAS, BitGo is now one of 27 companies to hold the MPI license, joining the ranks of major industry players like Coinbase, Circle, HashKey, Paxos, Revolut, and Ripple. The license solidifies BitGo’s presence in Singapore, a country known for its supportive stance on cryptocurrency and blockchain innovation.
BitGo’s expansion into Singapore reflects the growing importance of regulatory compliance and strategic positioning in the global cryptocurrency market. As the firm continues to expand its footprint, this move underscores its commitment to providing secure and compliant custody services to its clients worldwide.
The approval from MAS marks another step forward for BitGo in its mission to lead the way in digital asset custody and payment services, further enhancing its role in the rapidly evolving cryptocurrency landscape.
What is a Major Payment Institution license?
The Major Payment Institution (MPI) license differs from the Standard Payment Institution (SPI) license as it does not have specific thresholds to meet. Any payment services that do not qualify under the Standard license are instead governed by the MPI license. The SPI license has three key limitations:
- A maximum of S$3 million in monthly transactions, excluding money-changing and e-money issuance services.
- A maximum of S$6 million in monthly transactions when offering two or more services, excluding money-changing and e-money issuance.
- A daily cap of S$5 million in outstanding e-money.
Disclaimer:
The information provided on 13Desk is for informational purposes only and should not be considered financial advice. We strongly recommend conducting your own research and consulting with a qualified financial advisor before making any investment decisions. Investing in cryptocurrencies carries risks, and you should only invest what you can afford to lose. 13Desk is not responsible for any financial losses incurred from your investment activities.
