Crypto custodian BitGo has obtained the Major Payment Institution license from the Monetary Authority of Singapore (MAS).

This approval follows an in-principle nod received earlier this year and allows BitGo to offer regulated digital payment token services in Singapore.

The license enables BitGo to provide clients with secure digital asset transactions through its insured cold storage custody solution, housed within a class III vault.

Clients can now access deep liquidity and leverage BitGo’s advanced platform for trading and custody in a regulated environment.

BitGo is set to expand its operations in Asia with this license.

Mike Belshe, CEO of BitGo said,

“Singapore is a leading financial centre in Asia. With this licence, 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.”

Youngro Lee, CEO of BitGo Singapore and Head of BitGo Asia said,

“This licence marks a new era for BitGo’s international operations, enabling us to deliver unparalleled digital asset solutions to our clients in Asia and beyond. We look forward to working with MAS closely in the journey ahead.”

Featured image credit: Edited from Freepik