BitGo Wins Singapore’s In-Principle Approval for Crypto Services

BitGo is the latest crypto-focused firm to win preliminary approval for Singapore’s MPI license.

BitGo robot waving to a customer in Singapore.
Created by Kornelija Poderskytė from DailyCoin
  • BitGo has scored a win in Singapore.
  • The company secured preliminary approval for a key license.
  • Once granted, the license will help BitGo expand its crypto offerings in the country.

Crypto custodian BitGo has secured preliminary approval for Singapore’s Major Payment Institution (MPI) license, usually granted by the Monetary Authority of Singapore (MAS).

The development comes when BitGo rapidly expands its global influence, evidenced by the multiple collaborative relationships it built last year, including a September partnership with South Korea’s KEB Hana Bank to enhance the quality of local digital asset services.

BitGo Advances in Singapore

According to an announcement shared on BitGo’s Twitter (X) page on January 10, MAS has granted the company preliminary approval for an MPI license, expanding its global footprint and the ability to provide “APAC with regulated, secure, and trusted solutions.”


Once BitGo secures full authorization from MAS, the firm will leverage the MPI license to expand its offerings in Singapore, allowing institutional clients to buy and sell cryptocurrencies from its insured cold storage custody solution.

As reported by The Straits Times, BitGo’s Asia-Pacific managing director, Lim Ho Beng, lauded the win, noting that Singapore’s regulatory clarity around digital assets and its position as a leading innovation hub and gateway to APAC are the key factors driving BitGo’s expansion into the country.

Before Singapore’s win, BitGo had already made other significant strides in its journey to becoming a crypto powerhouse.

BitGo’s Global Influence

Founded in 2013 in California, BitGo debuted its crypto trading services in the U.S. in 2020. The company acquired a crypto custody license from Germany’s Federal Financial Supervisory Authority (BaFin) last year, effectively setting foot in Europe.


As a pioneer of the multi-signature wallet, BitGo secures about 20% of all on-chain Bitcoin transactions and supports over 700 digital assets on its platform. The company also provides security and operational support to over 150 institutional clients in 50 countries.  

BitGo attributes this success to its licensing and regulatory strategies amid market uncertainty and scrutiny from world governments.

Read how Upbit recently secured Singapore’s MPI license:
Upbit Secures Singapore’s Major Payment Institution License

Stay updated on Singapore PM’s reaction to fake crypto videos:
Singapore PM Reacts to Viral Deepfake Crypto Videos

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Brian Danga

Brian Danga, a Kenyan crypto reporter, is dedicated to delivering breaking news and updates from the cryptocurrency world. With a background as a Web3 writer and project manager, he recognizes the importance of unbiased reporting. Holding an LLB degree from the University of Nairobi, Brian's analytical skills contribute to his accurate news reporting. His personal interests include cooking, watching documentaries, reading, and engaging in intellectual discussions.