California-based digital asset trust and security company BitGo has received a Major Payment Institution license from the Monetary Authority of Singapore. The company announced on August 8 that this license allows it to offer regulated crypto payment services in Singapore, including custody and trading.

Following this approval, BitGo’s Singapore clients will be able to buy and sell crypto using the company’s cold storage custody solutions. Additionally, the services will include access to BitGo’s liquidity and insured cold storage custody solutions.

We are committed to meeting the rising demands of client needs in Asia through regulated digital payment token services.

BitGo’s acquisition of the MPI license comes shortly after HashKey Group’s over-the-counter trading subsidiary received similar approval from the Singapore regulator. It also follows approximately six months after BitGo obtained initial in-principle approval as an MPI.

The crypto custodian now joins 27 other digital asset companies, including Coinbase and Ripple, which have already secured full MPI licenses to offer crypto services in Singapore.

Singapore has been working to establish a strong regulatory framework for crypto, primarily overseen by the Monetary Authority of Singapore (MAS). This includes the enactment of the Payment Services Act in 2019, as well as rules limiting digital payment providers from promoting their services to the general public.

Crypto ownership in Singapore is notably high. According to a recent report from a global crypto payments provider, more than 24% of Singaporeans own some form of crypto. This places Singapore second only to the United Arab Emirates, where 25.3% of the population holds crypto assets.

In comparison, only 15.5% of the United States population holds digital assets. Unlike Singapore, U.S. crypto regulation remains less clear, with the U.S. Securities and Exchange Commission often criticized for its stringent stance on the industry.

For more updates and news on the evolving world of cryptocurrencies, visit Global Crypto News.

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