BitGo Secures In-Principle Approval as Key Payments Player in Singapore's Crypto Landscape

BitGo, a leading crypto custodian, has achieved a major milestone with the recent acquisition of preliminary approval to function as a Major Payment Institution (MPI) in Singapore. The announcement, delivered via email on a Wednesday, revealed that the Monetary Authority of Singapore (MAS), the nation's central bank and regulatory authority, has granted BitGo the necessary license. This enables BitGo to commence operations while anticipating the issuance of a full license, which would empower the company to provide digital payment token services to its clients within the Singaporean jurisdiction.

This regulatory breakthrough solidifies BitGo's standing as a significant player in Singapore's dynamic crypto landscape. BitGo now joins the ranks of more than a dozen entities that have successfully obtained full MPI licenses in the region. Established names in the industry, such as Coinbase, Crypto.com, and Ripple, have already navigated the regulatory landscape in Singapore. This reflects the nation's commitment to fostering technological progress while maintaining a delicate balance with protective regulations, actively discouraging speculative activities.

Mike Belshe, CEO of BitGo, expressed his enthusiasm regarding the approval. Notably, he emphasized the significance of this achievement in the context of BitGo recently securing a BaFin license in Germany. In an email statement, Belshe conveyed the company's eagerness to expand its global footprint, offering regulated, secure, and trusted solutions to clients.

Beyond the borders of Singapore, BitGo's recognition has extended significantly. Hashdex, a notable player in the crypto space, has chosen BitGo as the custodian for its application to become an issuer of a spot exchange-traded fund (ETF) in the United States. The approval of such applications is anticipated in the coming week from the Securities and Exchange Commission (SEC). This strategic move underscores BitGo's pivotal role, not just within the Southeast Asian market but also on the broader stage of the global financial landscape.

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