This Week In Crypto Asia: BitGo Secures MPI License In Singapore

This week’s crypto round-up highlights the dynamic and evolving landscape of the cryptocurrency industry across Asia. 

BitGo Secures Major Payment Institution License In Singapore

BitGo secured its Major Payment Institution (MPI) license from Singapore’s Monetary Authority of Singapore (MAS). 

This license allows BitGo to offer a comprehensive range of digital payment services. The said services include custody and trading, without the typical transaction limits imposed on smaller entities.

"Crypto wallet firm BitGo gets Singapore regulator nod"

"When it gets the full licence, the firm plans to expand its offerings in Singapore so that institutional clients can buy and sell cryptocurrencies from the firm’s insured cold storage custody solution."

Remember, $WTK and… pic.twitter.com/ErQMjmTfGI

— WCOme (@grge4t345ht) January 10, 2024

With this new license,  the US-based digital asset custodian can provide regulated digital payment token services in Singapore.

BitGo’s Singapore subsidiary will spearhead these services, to enhance the company’s ability to deliver unparalleled digital asset solutions to clients in Asia and beyond.

The license positions BitGo alongside other major crypto players like Coinbase, Crypto.com, and Ripple, which have also secured MPI licenses in Singapore.

BitGo’s acquisition of the MPI license follows an in-principle approval received in January 2024.

Meanwhile, Ripple announced a partnership with the Dubai International Financial Centre (DIFC) Innovation Hub to enhance blockchain and digital asset innovation within the UAE.

Read more: Ripple Partners With UAE’s DIFC: Is It A Game Changer For Blockchain Adoption In Middle East? 

This strategic move aligns with Ripple’s broader objective to expand its influence in key global markets, like the Middle Eastern market.

India’s Stance On Cryptocurrency Regulation

India clarified its position on cryptocurrency regulation. 

India’s Ministry of Finance (MoF) said that there is currently no proposal to regulate the sector beyond existing tax and anti-money laundering (AML) measures.

This announcement comes amid ongoing discussions about the need for a comprehensive regulatory framework for cryptocurrencies in the country.

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.