Crypto Custodian BitGo Wins In-Principle Approval as Major Payments Institution in Singapore

Crypto custodian BitGo was granted in-principle approval to operate as a Major Payment Institution (MPI) in Singapore, it said in a Wednesday email.

Upon receiving the full license from the Monetary Authority of Singapore (MAS), the nation’s central bank and regulator, BitGo clients will have access to buy and sell digital assets.

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 license 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.

Read More: Ravi Menon: Singapore's Middle Way Regulator

UPDATE (Jan. 12, 06:35 UTC): Clarifies that BitGo clients will have access to buy and sell digital assets.