News sources suggest that California-centered digital asset trust and security company BitGo has successfully acquired a BitGo MPI License from the Monetary Authority of Singapore (MAS). This development was reportedly declared to the public on August 8, 2024, enabling BitGo to offer regulated crypto payment services in Singapore, including both custody and trading solutions.
Crypto Payment Services for Singapore Clients
Through the BitGo MPI License, the firm’s clients in Singapore will allegedly be able to buy and sell crypto straight from BitGo’s safe cold storage custody solutions. BitGo also unveiled that its services will entail access to its liquidity and provide insured cold storage custody options. This is reported to increase security and trust for users in the area.
BitGo talked about the acquisition of the BitGo MPI License on Twitter, saying: “BitGo is pleased to announce that we have obtained the Major Payment Institution License from the Monetary Authority of Singapore. We are committed to meeting the rising demands of Asian clients through regulated digital payment token services. This includes our…”
This declaration shows BitGo’s commitment to fulfilling the increasing demands of clients in Asia, which is now supported by the policy approval of the BitGo MPI License.
BitGo MPI License: Chasing the Singapore Industry Trends
Obtaining the BitGo MPI License arrives right after approvals of a similar nature in the country’s industry. in the industry. A few days earlier, HashKey Group’s over-the-counter trading subsidiary acquired a seal of approval from Singapore’s regulator. Moreover, news sources report that the BitGo MPI License came six months after BitGo first acquired in-principle approval as an MPI from MAS.
The BitGo MPI License has made the firm jump to level 27 other digital asset companies that have obtained full MPI licenses in Singapore. These companies include leading names like Coinbase and Ripple, highlighting BitGo’s first step into a premium group of crypto service providers officially allowed to operate in the city-state.
Singapore’s Regulatory Framework for Crypto Payment Services
Singapore has been aggressively improving to have a strong regulatory framework for crypto, with MAS performing a pivotal role. The BitGo MPI License is reportedly in tune with Singapore’s enactment of the Payment Services Act in 2019, and is a crucial step in regulating payment services, including those concerning digital tokens. In addition, Singapore has implemented rules that restrict digital payment providers from marketing their services to the regular public, showing a careful yet improving methodology to develop sound crypto regulation.
Furthermore, the acquisition of the BitGo MPI License comes at a time when Singapore relishes in high crypto ownership rates. According to a report by global crypto payments provider Triple-A, more than 24% of Singapore’s population has cryptocurrency in one form or another. This figure makes Singapore as a dominating nation in crypto adoption, right behind the United Arab Emirates, where 25.3% of citizens own digital assets.
Comparisons with U.S. Crypto Regulation
With the help of mechanisms like the BitGo MPI License, Singapore has made a lucid regulatory framework while the United States struggles with blurry policies on crypto. According to the same report as above, only 15.5% of the U.S. population holds digital assets, sources state. The U.S. Securities and Exchange Commission (SEC) has faced widespread criticism for its restrictive approach, which, according to some experts, has hindered the expansion of the crypto market within the country.
Conclusion
The BitGo MPI License from Singapore’s MAS is reportedly a huge milestone in growing its regulated crypto services in Asia. The BitGo MPI License aligns with Singapore’s ambitious but carefully articulated regulatory dynamics by offering safe, insured custody solutions and trading options. This step amplifies BitGo’s market positioning and earns a good reputation for Singapore in cryptocurrency adoption. Learn more on crypto updates in Asia with TNYR.
