The global cryptocurrency landscape continues to evolve, with regulatory milestones shaping the future of digital asset services. One such landmark development occurred in August 2025, when BitGo, a leading U.S.-based digital asset custodian, secured the Major Payment Institution (MPI) License from the Monetary Authority of Singapore (MAS). This achievement marks a pivotal expansion for BitGo into one of Asia’s most sophisticated and regulated financial markets.
Expanding Regulated Services in Singapore
With the MPI license now officially granted, BitGo can legally offer digital payment token services in Singapore, including regulated custody and trading solutions. Previously, the company served clients across Singapore and the broader Asia-Pacific (APAC) region through limited offerings—primarily U.S.-based custody via the South Dakota Trust and non-regulated hot wallet solutions.
These earlier services, while technologically robust, were not subject to local regulatory oversight. As a BitGo spokesperson clarified, those products were "tech-only" and not compliant with Singapore’s financial regulations.
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Now, under MAS supervision, BitGo is positioned to deliver fully compliant, end-to-end digital asset infrastructure tailored to institutional and high-net-worth clients. The MPI license removes transaction volume restrictions and authorizes a full suite of payment-related activities, significantly broadening BitGo’s operational scope.
A Strategic Move in a Crypto-Friendly Jurisdiction
Singapore has long been recognized as a forward-thinking hub for fintech and blockchain innovation. Despite its small size, the city-state plays an outsized role in shaping regional financial policy—especially in digital assets. The MAS has maintained a balanced approach: encouraging innovation while enforcing strict anti-money laundering (AML) and consumer protection standards.
BitGo’s entry into this regulated ecosystem places it among an elite group of 27 MPI-licensed firms. Notable peers include Coinbase, Circle, Paxos, Ripple, and HashKey—all of which have also undergone rigorous compliance assessments.
Youngro Lee, CEO of BitGo Singapore, emphasized the strategic importance of this milestone:
“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.”
The approval follows an earlier in-principle endorsement from MAS in January 2025, indicating that BitGo met preliminary regulatory requirements before finalizing compliance protocols.
Meeting Rising Demand for Institutional-Grade Crypto Infrastructure
As digital assets gain mainstream traction, institutional investors increasingly demand secure, transparent, and regulated platforms. BitGo positions itself uniquely in the APAC market by offering what few others do: a full spectrum of services ranging from regulated custody and execution to self-custody wallet support.
Mike Belshe, CEO of BitGo, highlighted this differentiator:
“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.”
This comprehensive model addresses growing demand from hedge funds, family offices, and fintech platforms seeking trusted partners in navigating complex regulatory environments.
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Singapore’s Evolving Regulatory Landscape
While welcoming innovation, Singapore has adopted a cautious stance toward crypto expansion—particularly after high-profile collapses like Three Arrows Capital in 2022. That event prompted tighter scrutiny on leverage, risk management, and investor safeguards.
In April 2025, MAS amended the Payment Services Act to expand oversight over digital payment token (DPT) service providers. These changes include stricter capital requirements, enhanced cybersecurity mandates, and clearer rules on customer fund segregation.
Furthermore, the 2024 Money Laundering National Risk Assessment identified DPT providers as posing high inherent risk, reinforcing MAS’s commitment to vigilant supervision.
Despite these challenges, licensed firms like BitGo benefit from operating within a predictable legal framework—one that builds trust with global partners and investors alike.
Why This Matters for the Future of Crypto in Asia
BitGo’s licensing success reflects a broader trend: the institutionalization of digital assets through regulatory compliance. For the APAC region, where crypto adoption is growing rapidly but unevenly, having reputable, regulated players is essential for long-term sustainability.
Singapore’s role as a financial gateway between East and West makes it an ideal launchpad for firms aiming to scale responsibly. By securing MAS approval, BitGo not only strengthens its own market position but also contributes to greater legitimacy for the entire digital asset industry.
Moreover, this development may signal increased interest in tokenized assets, stablecoin integration, and even future participation in potential central bank digital currency (CBDC) ecosystems.
Frequently Asked Questions (FAQ)
Q: What is a Major Payment Institution License (MPI)?
A: Issued by the Monetary Authority of Singapore (MAS), the MPI license allows companies to provide digital payment token services without transaction limits. It requires strict compliance with AML, cybersecurity, and capital adequacy standards.
Q: Can individuals use BitGo’s services in Singapore?
A: BitGo primarily serves institutional clients such as exchanges, hedge funds, and fintech platforms. Individual access is typically limited to enterprise-level arrangements or through partner platforms.
Q: How does BitGo differ from other licensed crypto firms in Singapore?
A: BitGo stands out by offering a complete range of services—including regulated custody, trading infrastructure, and self-custody tools—making it one of the few one-stop solutions for institutional crypto needs in the region.
Q: Is cryptocurrency legal in Singapore?
A: Yes, cryptocurrency is legal in Singapore. However, only MAS-licensed entities can offer regulated services like trading and custody. Retail investors are permitted to buy crypto but face restrictions on certain types of transactions.
Q: Does the MPI license allow BitGo to operate throughout Asia?
A: The MPI license applies specifically to operations within Singapore. Expansion into other Asian markets would require separate regulatory approvals in each jurisdiction.
Q: What impact does this have on crypto adoption in Southeast Asia?
A: Having more regulated global players like BitGo enter the market increases confidence among traditional financial institutions and encourages further integration of blockchain technology into mainstream finance.
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As regulatory clarity improves and trusted providers expand their footprint, the foundation for sustainable crypto growth in Asia becomes stronger. BitGo’s milestone in Singapore isn’t just a corporate achievement—it’s a step toward a more secure, transparent, and inclusive financial future.