Singapore’s Regulator Grants a Payment License to BitGo

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Cryptocurrency custody firm BitGo is expanding its global presence by obtaining regulatory approval in Singapore, known as one of the world’s most crypto-friendly countries.

On Aug. 7, the company officially announced that it had been granted the Major Payment Institution License (MPI) by the Monetary Authority of Singapore (MAS).

This license allows BitGo, as well as other authorized companies, to provide a wide range of payment services, including those involving digital payment tokens, without being subject to transaction limits that might apply to smaller entities.

According to data from the MAS, BitGo is now one of the 27 firms that hold an MPI license, joining industry leaders such as US-based exchange Coinbase, Circle, HashKey, Paxos, Revolut, Ripple, and others.