Crypto asset depository BitGo has received initial approval to operate as a Primary Payment Institution (MPI) in Singapore. This approval, which was announced via email on Wednesday (09/01/2024), was granted by the Monetary Authority of Singapore (MAS), which is the country's central bank and regulator.
Towards Full Licensing for Digital Token Services
With this approval, BitGo can begin operations pending full licensing. The full license will later allow BitGo to offer services related to digital payment tokens to its clients in Singapore. This is an important step for BitGo in expanding its services in the crypto sector.
Singapore's Position on Crypto Regulation
Singapore is known for trying to balance between regulations that support growth and those that are protective in the crypto sector. The country has granted full MPI licenses to more than a dozen entities, including big names like Coinbase, Crypto.com, and Ripple. This step reflects Singapore's commitment to promoting technology without getting caught up in speculation.
BitGo Global Expansion
According to BitGo CEO, Mike Belshe, this agreement is a continuation of their success in obtaining a BaFin license in Germany. Belshe expressed BitGo's enthusiasm to expand their global reach and provide regulated, secure, and trusted solutions to their clients.
BitGo in the World of Bitcoin ETFs
Recently, BitGo has also become involved in the bitcoin ETF industry . The company was named as a bitcoin depository by Hashdex in their application to become a spot ETF issuer in the United States. A decision regarding the approval of this ETF is highly anticipated and is expected to be issued soon by the US Securities and Exchange Commission.
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DISCLAIMER : This article is informational in nature and is not advice, recommendation, offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time. Bittime is not responsible for changes in exchange rates or crypto asset prices.
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