The license allows BitGo to operate while awaiting a complete permit, enabling the provision of digital payment token services to clients in the city-state.
Crypto custody business BitGo has obtained in-principle approval from Singapore’s top financial regulator for a Major Payment Institution (MPI) license through its local entity.
The company announced the in-principal approval in a post on X (formerly Twitter). BitGo received the in-principle license approval from Singapore’s central bank, the Monetary Authority of Singapore (MAS). This license allows BitGo to operate while awaiting a complete permit, enabling the provision of digital payment token services to clients in the city-state.
According to MAS, MPI-licensed firms are authorized to conduct payment services without being subjected to transaction limits of 3 million Singapore dollars ($2.2 million) for any payment service. The approved companies are also free from the 6 million SG$ ($4.4 million) limit of monthly transactions for two or more payment services other than e-money account issuance and money-changing services.
