tl;dr
BitGo, a crypto custodian, has been granted in-principle approval to operate as a Major Payment Institution in Singapore, allowing it to offer digital payment token services while awaiting a full license. The approval comes from the Monetary Authority of Singapore, and CEO Mike Belshe looks forward ...
BitGo, a crypto custodian, has been granted in-principle approval to operate as a Major Payment Institution in Singapore, allowing it to offer digital payment token services while awaiting a full license. The approval comes from the Monetary Authority of Singapore, and CEO Mike Belshe looks forward to expanding BitGo's global footprint. Additionally, BitGo was named as a bitcoin custodian in an application for a spot exchange-traded fund in the U.S.
Crypto custodian BitGo was granted in-principle approval to operate as a Major Payment Institution (MPI) in Singapore, it said in a Wednesday email. The license from the Monetary Authority of Singapore (MAS), the nation’s central bank and regulator, will allow BitGo to operate while awaiting a full license, which will let it offer digital payment token services to clients in the city-state. More than a dozen entities, including Coinbase, Crypto.com and Ripple, have secured full MPI licenses in the country as Singapore attempts to strike a balance between favorable and protective regulations while continuing to promote technology without speculation. This approval "comes on the heels of obtaining our BaFin licence in Germany," CEO Mike Belshe said in the email. "We look forward to expanding our global footprint and providing our clients with regulated, secure and trusted solutions.” BitGo was last month named by Hashdex as bitcoin custodian in its application to become an issuer of a spot exchange-traded fund (ETF) in the U.S., approvals of which are widely expected from the Securities and Exchange Commission this week.
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