Hassan Maishera
TL;DR
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BitGo has become the latest crypto entity to obtain approval for a digital asset license in Singapore.
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The crypto custodian said it can offer digital payment token services in Singapore once it obtains the full Major Payment Institution license.
BitGo Obtains In-principle Approval from Singapore’s MAS
BitGo, one of the leading cryptocurrency custodians, revealed on Tuesday that it has obtained in-principle approval from Singapore’s top financial regulator for a Major Payment Institution license through its local entity.
According to the company, BitGo Singapore Pte. Ltd., its subsidiary in Singapore, would be able to offer regulated digital payment token services in Singapore once it obtains the full license.
BitGo said this latest development is an important one as it views Singapore as an important hub for crypto innovation. Operating in Singapore positions the company as a leading provider of digital asset services for institutional finance throughout APAC, the company added.
A company spokesperson told The Block that BitGo is currently offering digital asset wallet and custody solutions in the city-state. However, it intends to expand its offerings once it obtains the license, enabling its clients to purchase and sell cryptocurrencies via BitGo’s cold storage custody solution built within a class III vault. Hobeng Lim, managing director of APAC for BitGo, stated that,
“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.”
This latest development comes roughly four months after BitGo raised $100 million in a Series C funding round to reach a $1.74 billion valuation.
