BitGo has achieved in-principle approval for a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).
This interim approval is crucial to obtaining a full license. Upon receiving the full license, the firm aims to broaden its Singapore services, allowing institutional clients to trade cryptocurrencies directly from its insured cold storage custody solution.
Strategic Growth and Regulatory Achievements
BitGo’s recent regulatory accomplishment in Singapore follows its success in securing a crypto custody license from Germany’s Federal Financial Supervisory Authority (BaFin) in October 2023.
This progression underscores the company’s commitment to adhering to global financial regulations. BitGo has been a key player in crypto asset storage since 2019, operating under BaFin’s transitional regime before acquiring the German license.
The MPI license empowers BitGo to conduct payment services without the restrictions commonly imposed on transaction volumes. Licensed firms are exempt from the 3 million Singapore dollars limit for a single payment service and the 6 million SG$ cap for monthly transactions across multiple payment services.
BitGo’s expansion is further evidenced by its recent Series C funding, which raised $100 million, boosting its valuation to $1.75 billion. The firm plans to use these funds for strategic acquisitions and enhance its regulated custody wallet and infrastructure solutions.
Also Read: BitGo Seeks To Reduce Redundancy of Exchanges With Multiple Custodians
