BitGo, a crypto custodian, has received in-principle approval to function as a Major Payment Institution (MPI) in Singapore. This preliminary nod from the Monetary Authority of Singapore (MAS) allows BitGo to offer digital payment token services while awaiting a full license.

Singapore has been balancing favorable regulations with protective measures to promote technology advancement without speculation. Over a dozen companies, including Coinbase, Crypto.com, and Ripple, have already obtained full MPI licenses in the country.

Mike Belshe, CEO of BitGo, mentioned this approval following the company's recent licensing achievement in Germany. He expressed enthusiasm for expanding BitGo's global presence and offering regulated, secure services to clients.

Additionally, BitGo was selected by Hashdex last month as the bitcoin custodian for its U.S. spot exchange-traded fund (ETF) application. This comes amid widespread expectations for upcoming ETF approvals by the U.S. Securities and Exchange Commission.

Coindesk