Crypto
custodian
BitGo
was
granted
in-principle
approval
to
operate
as
a
Major
Payment
Institution
(MPI)
in
Singapore,
it
said
in
a
Wednesday
email.
The
license
from
the
Monetary
Authority
of
Singapore
(MAS),
the
nation’s
central
bank
and
regulator,
will
allow
BitGo
to
operate
while
awaiting
a
full
license,
which
will
let
it
offer
digital
payment
token
services
to
clients
in
the
city-state.
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
licence
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