BitGo secures MPI License from MAS, expanding secure crypto trading and custody in Singapore.
Over 24% of Singaporeans own cryptocurrency, making it one of the highest rates globally.
BitGo now uniquely offers a full range of digital asset services in Asia's major financial centres.
BitGo, a California-based leader in digital asset infrastructure services, has officially been offered a Major Payments Institution License by Singapore's Monetary Authority (MAS). This milestone allows BitGo to offer regulated digital payment token services, including secure custody and trading solutions in Singapore.
https://twitter.com/BitGo/status/1821346300509425772
The MPI license followed BitGo's in-principle clearance few months ago, representing a key achievement in the company's development into Asian financial markets. This is part of Singapore's larger effort to establish a strong regulatory framework for digital assets. The license was made possible by the 2019 enactment of the Payment Services Act.
Expanding Digital Asset Services in Asia
With the MPI license, BitGo is set to enhance its service offerings in Singapore. The company can now provide its clients with options to buy and sell digital assets via its secure, insured cold storage solutions. This service extension now offers access to deep liquidity and a trading and custody platform to fulfil the region's expanding needs for various client needs.
Mike Belshe, BitGo CEO, stressed Singapore's strategic significance as a leading Asian financial centre. He stated that the new license will allow BitGo to meet client requirements, from regulated custody and trading to self-custody wallets. BitGo claims to be the only firm in the region providing a wide range of digital asset services.
Strengthening Singapore's Crypto Economy
Singapore's legal framework and the MAS' active engagement in regulating the sector demonstrate the country's commitment to creating a clear regulatory environment for cryptocurrencies. The country's efforts are evident in its citizens' high level of cryptocurrency ownership. According to a report from Triple-A, over 24% of Singaporeans own some form of cryptocurrency, positioning Singapore just behind the United Arab Emirates in global crypto ownership rates.
Despite providing licenses to several crypto companies, Singapore's government has reinforced its regulatory position on cryptocurrency, notably after local hedge company Three Arrows Capital went bankrupt during the 2022 crypto bear market.
Singapore's regulatory clarity contrasts with the more unclear cryptocurrency regulatory landscape in the United States, where the Securities and Exchange Commission has been criticized for its strict approach. Singapore's aggressive approach is to build a secure and thriving digital asset market, enticing large businesses such as BitGo to establish regulated operations in the city-state.
BitGo's Role in a Regulated Future
BitGo's acquisition of the MPI license enhances its capabilities in Singapore and strengthens its overall presence in Asia. Youngro Lee, CEO of BitGo Singapore and Head of BitGo Asia, noted that this development heralds a new era for the company's international operations. He expressed enthusiasm for working closely with MAS to bring unmatched digital asset solutions to their clients across Asia and beyond.
BitGo's expanded operations are projected to substantially impact the growth and development of Asia's digital asset environment, bolstering Singapore's position as a key financial and technical hub.
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