As a seasoned crypto investor with roots in California and a keen interest in global market trends, I find the recent developments in Singapore particularly intriguing. The approval of the Major Payment Institution license for BitGo by the Monetary Authority of Singapore is a significant step forward for the industry.
The digital asset security firm based in California, BitGo, has been granted a significant license for payment institutions by the Monetary Authority of Singapore.
On August 8th, the company revealed that they have acquired an MPI license, enabling them to provide regulated cryptocurrency payment services in Singapore, which include safekeeping (custody) and trading options.
BitGo is thrilled to share that we’ve been granted the Major Payment Institution License by the Monetary Authority of Singapore. Our dedication lies in addressing the growing requirements of Asian clients with regulated digital payment token services. This encompasses our ongoing commitment to…
— BitGo (@BitGo) August 8, 2024
As an analyst, I’m excited to announce that following the recent approval, I can now facilitate cryptocurrency buying and selling for our esteemed clients in Singapore, directly from our robust cold storage custody solutions at BitGo. Notably, these services will provide them with access to our liquidity resources, as well as ensuring their funds are safeguarded by our insured cold storage custody solutions.
just a few days ago, the Singapore regulator granted HashKey Group’s over-the-counter trading subsidiary permission similar to what BitGo received for its Multi-Party Computation (MPC) license. This follows about half a year after BitGo initially got approval as an MPI, and now they have completed the acquisition of that license.
As a diligent analyst, I’m delighted to announce my organization has joined the esteemed ranks of 27 other digital asset companies, such as Coinbase and Ripple (XRP). We are now fully licensed under the Multi-Payment Instrument (MPI) regime, enabling us to offer our crypto services in the city-state. This licensure not only solidifies our commitment to compliance but also underscores our dedication to providing seamless digital asset services within this jurisdiction.
Singapore has been establishing a robust regulatory structure for cryptocurrencies, mainly managed by the Monetary Authority of Singapore (MAS). Key elements include the passage of the Payment Services Act in 2019 and guidelines limiting digital payment service advertisements aimed at the broader public.
In simple terms, a recent study by international cryptocurrency payments provider Triple-A shows that Singapore ranks among the top nations globally in cryptocurrency ownership. Over one-fourth (24%) of Singapore’s population is reported to own some type of cryptocurrency, trailing just behind the United Arab Emirates, where approximately 25.3% of citizens possess cryptocurrencies.
According to recent findings, a significantly smaller percentage (15.5%) of the American population owns digital assets compared to other countries like Singapore. Unlike Singapore, where cryptocurrency regulations are more straightforward, the United States has not yet established clear-cut rules for this sector. Critics argue that the U.S. Securities and Exchange Commission’s tough stance on cryptocurrencies might be hindering the industry’s growth.
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2024-08-08 15:12