BitGo, a crypto custodian in Singapore, has received in principle approval to operate as Major Payment Institutions (MPIs) according to an email sent on Wednesday.

The Monetary Authority of Singapore’s (MAS) license will allow BitGo, the nation’s central bank, to continue operating while it awaits a full license that will enable the company to offer digital payment tokens to clients within the city-state.

Singapore is trying to find a balance in its regulations between being protective and favorable, while still promoting technology without speculation.

In an email, CEO Mike Belshe stated that this approval was “following our BaFin license in Germany”. We look forward to growing our global footprint, and offering our clients regulated, safe and trusted solutions.

Hashdex named BitGo as a bitcoin custodian last month in its application to issue a spot exchange traded fund (ETF). The Securities and Exchange Commission is expected to approve this application in the coming week.

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Sheldon Reback is the editor.