The cryptocurrency landscape in Asia is undergoing rapid transformation, and one of the latest milestones comes from BitGo, a leading US-based digital asset custody provider. On August 7, BitGo officially announced it has secured the Major Payment Institution (MPI) License from the Monetary Authority of Singapore (MAS)—a significant regulatory achievement that positions the firm at the forefront of compliant crypto operations in one of the world’s most forward-thinking financial hubs.
This license empowers BitGo to legally offer a full suite of digital payment token services in Singapore, including regulated custody, trading, and wallet solutions. It marks a pivotal shift from its previous limited presence in the region, where it offered only unregulated custody services through its US South Dakota Trust and hot wallets.
Expanding Compliance and Service Offerings in Asia
Prior to receiving the MPI license, BitGo served clients across Singapore and the broader Asia-Pacific (APAC) region, but under strict limitations. Its offerings were confined to technology-based custody solutions that lacked local regulatory oversight—meaning they operated outside Singapore’s formal financial compliance framework.
Now, with formal approval from MAS, BitGo can deliver fully regulated services tailored to institutional investors, fintech platforms, and blockchain enterprises operating in or targeting the APAC market.
👉 Discover how regulated crypto services are reshaping institutional investment in Asia.
The MPI license permits companies to provide digital payment token services without transaction volume caps—unlike smaller licensed entities that face restrictions. This scalability is crucial for serving high-volume institutional clients and integrating with traditional financial systems.
BitGo joins an elite group of 27 firms—including global names like Coinbase, Circle, Ripple, and Paxos—that hold the same license. This inclusion underscores the company's credibility and alignment with Singapore’s rigorous standards for financial integrity, anti-money laundering (AML), and cybersecurity.
“With this license, we can meet the rising demands of clients with a diverse set of needs, from fully regulated custody and trade to self-custody wallets. BitGo is the only company in the region offering the full set of services,” said Mike Belshe, CEO of BitGo.
A Strategic Move Amid Singapore’s Evolving Crypto Landscape
Singapore has long been recognized as a progressive yet cautious player in the global crypto ecosystem. As one of only three city-states worldwide, it combines strategic geography with a robust legal framework, making it a natural hub for fintech and blockchain innovation.
However, following high-profile collapses like Three Arrows Capital in 2022, regulators have tightened oversight. The MAS has since emphasized responsible growth, ensuring that innovation does not come at the expense of financial stability or consumer protection.
In April 2024, amendments to Singapore’s Payment Services Act expanded the scope of regulated activities for digital payment token providers. These changes require stricter due diligence, enhanced reporting, and stronger risk management protocols—measures that licensed firms like BitGo must now adhere to.
Furthermore, the July 2024 update to Singapore’s Money Laundering National Risk Assessment classified digital payment token services as a high-risk sector, reinforcing the need for compliance-first operators.
For BitGo, securing the MPI license ahead of these regulatory shifts demonstrates foresight and commitment to operating within the bounds of local law. It also strengthens investor confidence at a time when trust is paramount.
What This Means for Institutional Adoption in APAC
The approval is more than just a corporate milestone—it signals growing maturity in Asia’s digital asset infrastructure. With demand for secure, compliant crypto services on the rise, institutions are seeking partners that offer both technological sophistication and regulatory legitimacy.
BitGo’s new status allows it to:
- Provide licensed digital asset custody under MAS supervision
- Facilitate regulated trading and settlement of digital tokens
- Support enterprise clients in meeting local compliance requirements
- Expand partnerships with banks, exchanges, and asset managers in Southeast Asia
Youngro Lee, CEO of BitGo Singapore, emphasized the broader implications:
“This license marks a new era for BitGo’s international operations, enabling us to deliver unparalleled digital asset solutions to our clients in Asia and beyond.”
As more countries in the region explore central bank digital currencies (CBDCs) and tokenized assets, having trusted custodians and payment providers becomes essential. BitGo’s entry into the regulated space strengthens Singapore’s position as a gateway for global crypto finance.
👉 Learn how digital asset regulation is accelerating institutional adoption worldwide.
Frequently Asked Questions (FAQ)
What is a Major Payment Institution (MPI) License?
The MPI License is issued by the Monetary Authority of Singapore (MAS) to firms providing large-scale payment services, including digital payment token transactions. It allows businesses to operate without transaction limits and signifies compliance with stringent financial regulations.
Can BitGo now offer crypto trading in Singapore?
Yes. With the MPI license, BitGo is authorized to offer regulated digital payment token services, which include crypto trading and custody under MAS oversight.
How does this affect users in other APAC countries?
While the license applies directly to Singapore operations, it enhances BitGo’s regional credibility and may pave the way for expanded services across Asia-Pacific markets where regulatory clarity is emerging.
Is BitGo the first US custody firm to get this license?
No—several US-based firms like Paxos and Circle already hold the MPI license. However, BitGo is among the few offering a full stack of services, including custody, trading, and wallet infrastructure.
What are hot wallets, and why were they previously unregulated?
Hot wallets are cryptocurrency wallets connected to the internet, used for fast transactions but considered riskier than offline (cold) storage. Previously offered by BitGo via its US trust entity, these weren’t subject to Singaporean regulation until now.
Does this mean Singapore supports all crypto activities?
Not exactly. While Singapore encourages innovation, it maintains a cautious stance—especially regarding retail access and speculative trading. Recent reports highlight concerns about money laundering risks tied to digital tokens.
👉 Explore secure ways to engage with compliant crypto platforms today.
Final Thoughts: Compliance as a Competitive Advantage
BitGo’s MPI license isn’t just about market access—it reflects a broader trend where regulatory compliance becomes a differentiator in the digital asset industry. In an environment marked by volatility and scrutiny, institutions prioritize safety, transparency, and legitimacy.
By aligning with MAS standards, BitGo sets a benchmark for other global firms eyeing expansion into Asia. Its success also highlights Singapore’s role as a model for balanced crypto regulation—one that fosters innovation while safeguarding financial integrity.
As demand grows for trusted infrastructure in the tokenized economy, expect more licensing milestones like this in the months ahead—especially as 2025 unfolds with increasing institutional interest in digital assets across Asia.
For investors, developers, and financial institutions alike, the message is clear: the future of crypto runs through compliance—and Singapore is leading the charge.