Bitcoin

<h4><strong>Digital asset service provider BitGo has secured a major license in Singapore. </strong></h4> 
<p>The company announced on August 7th that it had received a Major Payment Institution License from the Monetary Authority of Singapore (MAS).</p> 
<div class="group/conversation-turn relative flex w-full min-w-0 flex-col agent-turn"> 
 <div class="flex-col gap-1 md:gap-3"> 
  <div class="flex max-w-full flex-col flex-grow"> 
   <div class="min-h-[20px] text-message flex w-full flex-col items-end gap-2 whitespace-pre-wrap break-words [.text-message+&amp;]:mt-5 overflow-x-auto" dir="auto" data-message-author-role="assistant" data-message-id="93d73564-2e3a-4b32-9dc0-7482b8853db3"> 
    <div class="flex w-full flex-col gap-1 empty:hidden first:pt-[3px]"> 
     <div class="markdown prose w-full break-words dark:prose-invert light"> 
      <h5><strong>BitGo Secures Major License in Singapore for Digital Asset Services</strong></h5> 
     </div> 
    </div> 
   </div> 
  </div> 
 </div> 
</div> 
<p>The license allows BitGo to operate in Singapore with increased flexibility. Companies that secure the MPI can provide multiple financial services, including digital payment token services, without facing similar transaction limits as smaller firms. BitGo joins other major digital asset companies like Circle, <a href="https://www.altcoinbuzz.io/?s=coinbase" target="_blank" rel="noopener">Coinbase</a>, Ripple, and Paxos to secure the MPI license in Singapore.</p> 
<p>The MPI license comes just a few months after BitGo received in-principle approval for the license in January 2024. The MPI license, among other things, would enable Bitgo to offer regulated digital payment token services in Singapore, including custody and trading.</p> 
<figure id="attachment_147866" aria-describedby="caption-attachment-147866" style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" class="size-full wp-image-147866" src="https://www.altcoinbuzz.io/wp-content/uploads/2024/08/Bitgo-Singapore.webp" alt="" width="658" height="305" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2024/08/Bitgo-Singapore.webp 658w, https://www.altcoinbuzz.io/wp-content/uploads/2024/08/Bitgo-Singapore-300x139.webp 300w" sizes="(max-width: 658px) 100vw, 658px">
 <figcaption id="caption-attachment-147866" class="wp-caption-text">
  Source: <a href="https://x.com/BitGo/status/1821346300509425772" target="_blank" rel="noopener">X</a>
 </figcaption>
</figure> 
<p>BitGo, before obtaining the license, provided custody services to users in Singapore and the Asia-Pacific region through its US-based South Dakota Trust and hot wallets. However, these services were unregulated.</p> 
<h5><strong>Singapore Continues to Regulate Crypto&nbsp;</strong></h5> 
<p>BitGo CEO Mike Belshe highlighted Singapore as one of Asia’s financial hubs. He said, “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”. Here is an example:</p> 
<p><img decoding="async" class="wp-image-147896 aligncenter" src="https://www.altcoinbuzz.io/wp-content/uploads/2024/08/vcxvbbnvhgjhj-247x300.jpg" alt="" width="488" height="592" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2024/08/vcxvbbnvhgjhj-247x300.jpg 247w, https://www.altcoinbuzz.io/wp-content/uploads/2024/08/vcxvbbnvhgjhj-345x420.jpg 345w, https://www.altcoinbuzz.io/wp-content/uploads/2024/08/vcxvbbnvhgjhj.jpg 393w" sizes="(max-width: 488px) 100vw, 488px"></p> 
<h6 style="text-align: center;"><strong>Source: <a href="https://x.com/1ATHStudio/status/1767808310953365909" target="_blank" rel="noopener">X</a></strong></h6> 
<p>Singapore has adopted a cautious yet progressive approach to cryptocurrencies and digital assets. This has made it a likely <a href="https://www.altcoinbuzz.io/cryptocurrency-news/mcdonalds-launches-my-happy-place-metaverse-in-singapore/" target="_blank" rel="noopener">destination</a> for most crypto projects. Despite being a crypto-friendly zone, Singapore imposes strict policies guiding crypto activities. The city-state updated its Money Laundering National Risk Assessment in July. The report identified huge risks with digital payment token service providers.</p> 
<p><iframe title="UNBELIEVABLE Crypto Whale Buys In THIS CRASH: What Altcoins and Why?" width="696" height="392" src="https://www.youtube.com/embed/5e1JjNfbnh0?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe></p> 
<h6><strong>Disclaimer</strong></h6> 
<p>The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted risk tolerance levels of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses you may incur due to any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.</p> 
<p>The post <a href="https://www.altcoinbuzz.io/cryptocurrency-news/bitgo-bags-major-license-in-singapore/">BitGo Bags Major License in Singapore</a> appeared first on <a href="https://www.altcoinbuzz.io">Altcoin Buzz</a>.</p>

BitGo Bags Major License in Singapore

Altcoin Buzz

Other articles published on Aug 9, 2024

Bitcoin (BTC) Faces Resistance - Will It Break Through or Recoil?

Neiro Ethereum Price Prediction: NEIRO Plunges 14% As This P2E Dogecoin Charges Past $6 Million

UK issues a global asset freeze for missing cryptoqueen Ruja Ignatova

Top Crypto Presale Happening Now: Gala’s Surge Amidst the Crypto Market Turnaround

IRS updates draft of crypto reporting form for US taxpayers

Bitcoin Shows Stabilization, Analysts Eye $64.7K as Key Levels Indicate Potential Upside

Join our free newsletter for daily crypto updates!