BitGo Secures MAS’ Preliminary Approval; Named as Hashdex’s Bitcoin ETF Custodian

• BitGo receives in-principle approval from the Monetary Authority of Singapore (MAS).
• The company envisions offering regulated digital payment services in Singapore.
• Hashdex considers BitGo as their crypto custodian to support their ETF application.

BitGo, a decade-old digital asset custody firm, recently announced that the Monetary Authority of Singapore (MAS) granted its subsidiary in-principle approval (IPA). While the platform aspires to offer digital payment services in Singapore, the IPA serves as a path toward a major payment institution license.

Mike Belshe, the CEO of BitGo, acknowledged Singapore’s crypto-friendly atmosphere. He applauded the “sound, clear, and robust” regulatory framework in Singapore that could aid BitGo’s vision of becoming a regulated crypto company. The CEO added:

This in-principle approval from the Monetary Authority of Singapore comes on the heels of obtaining our BaFin license in Germany. We look forward to expanding our global footprint and providing our clients with regulated, secure, and trusted solutions.

BitGo’s dedication and adherence to regulation are evidenced by recent developments, including the crypto management firm Hashdex. Hashdex, a platform awaiting its spot Bitcoin ETF approval, selected BitGo as its custodian. BitGo and Hashdex envision smooth functioning with a “shared commitment” to a regulated and secure market. 

Recent reports showed that Hashdex changed the name of its Bitcoin Futures ETF to the Hashdex Bitcoin ETF as the firm continues to hope for approval for the U.S.’s first spot Bitcoin ETF early in the new year.

According to an amended S-1 filing, Hashdex has come to an agreement with BitGo, while other Bitcoin ETF filers have signed agreements with crypto exchange Coinbase. Moreover, Fidelity reportedly aims for self-custody and VanEck collaborated with Gemini.