BitGo received a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS) in August 2024, allowing its Singapore subsidiary to provide regulated digital payment token (DPT) services. The company announced the development in a press release.
The license gave BitGo Singapore a regulated framework for providing digital asset custody and trading services in the country. MAS currently lists BitGo Singapore Pte. Ltd. as a Major Payment Institution authorized for both DPT services and cross-border money transfers.
BitGo expands its institutional offering
The Singapore license was part of BitGo’s broader push into the Asia-Pacific market. The company said its Singapore platform would provide regulated custody, trading, settlement and token-management services.
BitGo’s Singapore business offers custodial wallets, trading and staking, although staking is restricted to accredited investors under the company’s local disclosures.
Youngro Lee, who was then CEO of BitGo Singapore and head of BitGo Asia, said the license would allow the company to work more closely with MAS while expanding its services across the region.
BitGo CEO Mike Belshe also described Singapore as an important financial center for Asia. The company positioned the license as a way to bring custody, trading and self-custody services into a regulated environment.
The regulatory approval also placed BitGo alongside other digital asset firms seeking licenses under Singapore’s payments framework. HashKey Group’s OTC trading arm had secured an MPI license for DPT services, while Hex Trust received in-principle approval for an MPI license in 2024.
Also Read: BitGo Cuts Nearly 15% of Workforce as it Builds Focus on Crypto Infrastructure
Singapore became a larger regional hub for BitGo
The license has since become more than a regulatory milestone. BitGo opened a new Singapore office in September 2026 and said its APAC client base had tripled since the license was granted. Its Singapore headcount had also more than doubled, while trading volumes through BitGo Prime in Singapore more than doubled in the first half of 2026 from the same period a year earlier.
BitGo has also expanded its local institutional infrastructure. In June 2026, BitGo Singapore partnered with payments company dtcpay to provide digital asset infrastructure for its payment network.
The development shows why Singapore’s licensing regime matters to crypto firms. A local MPI license does not simply allow an exchange or custodian to operate without restrictions. It places the provider inside MAS’s regulatory framework, including requirements designed to protect customers and manage risks associated with digital payment token services.
For BitGo, the Singapore license has become the foundation for a wider APAC business rather than a one-time expansion into another market.
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