BitGo Gains Ground in Singapore with In-Principle Approval for Digital Asset Servicesby Fintech News Singapore January 10, 2024
Crypto custodian BitGo announced that its Singapore subsidiary has been granted in-principle approval by the Monetary Authority of Singapore (MAS) for a Major Payment Institution License for digital payment token services.
Once the full license is awarded, BitGo aims to provide services that enable clients to securely buy and sell digital assets.
The company emphasises the safety of its operations, noting that transactions will be handled through its insured cold storage custody solution, which has a class III vault. Additionally, BitGo highlights its capacity to offer deep liquidity and robust security and custody services.
Established in 2013, BitGo introduced a multi-signature wallet and has expanded its offerings over the years, including the establishment of BitGo Trust Company in 2018 and BitGo New York Trust in 2021, focusing on digital asset custody.
In 2022, BitGo expanded its services to include institutional-grade DeFi, NFT, and Web 3.0. The company claims to handle 20% of all on-chain Bitcoin transactions by value and supports over 700 digital assets, serving more than 1,500 institutional clients across 50 countries.
Mike Belshe, CEO of BitGo, Inc. said,
“We applaud Singapore’s sound, clear and robust regulatory framework for digital assets. 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.”
Hobeng (HB) Lim, Managing Director of APAC for BitGo said,
“The Monetary Authority of Singapore’s forward-looking and risk-proportionate regulatory framework for digital assets, as well as Singapore’s leading position as a financial centre, innovation hub and business gateway to APAC, are key factors driving BitGo’s commitment to Singapore as its regional headquarters. We are excited to continue supporting the development and growth of the digital asset ecosystem in Singapore and beyond.”
Featured image credit: Edited from Freepik