BitGo, a U.S.-based wallet infrastructure provider and digital asset custodian, has received in-principle approval for a Major Payment Institution license from Singapore’s Monetary Authority of Singapore (MAS).
The in-principle approval allows BitGo to continue its operations in Singapore while it awaits the full license. This will enable the company to offer digital payment token services within the city-state. BitGo’s subsidiary in Singapore, BitGo Singapore Pte. Ltd., is set to provide these regulated services once the complete license is granted.
Singapore’s MAS allows entities with a Major Payment Institution license to conduct payment services without the usual transaction limits. These limits typically include a cap of 3 million Singapore dollars ($2.2 million) for any single payment service and a monthly limit of 6 million Singapore dollars ($4.4 million) for multiple payment services.
This move by BitGo follows its achievement of securing a crypto custody license from Germany’s Federal Financial Supervisory Authority (BaFin) in October 2023. Since 2019, under BaFin’s supervision and as part of a transitional regime, BitGo has been providing crypto asset storage services for its clients. In 2020, the firm established two new entities in Switzerland and Germany to expand its European operations.
The approval from Singapore’s financial authority comes as other major crypto players like Coinbase, Crypto.com, and Ripple have also obtained complete MPI licenses in the country. Singapore is recognized for its crypto-friendly regulatory environment, balancing technological innovation with consumer protection.
“The Monetary Authority of Singapore’s forward-looking and risk-proportionate regulatory framework for digital assets, as well as Singapore’s leading position as a financial centre, innovation hub and business gateway to APAC, are key factors driving BitGo’s commitment to Singapore as its regional headquarters,” BitGo said in a statement.
A representative from BitGo mentioned that the company currently offers wallet and custody solutions for digital assets in Singapore. With the full license, BitGo plans to expand its services, allowing clients to buy and sell cryptocurrencies directly from its secure cold storage solution.
BitGo, having recently secured a funding boost of $100 million, appears to be proactively seeking acquisition opportunities to expand its footprint in the rapidly evolving crypto domain. The Series C financing round came a few months after Galaxy Digital called off its proposed $1.2 billion acquisition.
The fresh capital infusion boosts the Palo Alto, California-based company’s valuation to $1.75 billion. BitGo did not disclose who exactly joined in on this funding round. All they’re saying is that it’s some fresh faces – “new, outside strategic investors.”
