BitGo will reportedly offer regulated digital payment token services in Singapore.
BitGo says that it views Singapore as an “important hub” for digital asset innovation.
BitGo, the provider of financial services for digital assets, confirmed recently that its subsidiary in Singapore, BitGo Singapore Pte. Ltd., has “received in-principle approval (IPA) from the Monetary Authority of Singapore (MAS) for a Major Payment Institution License.”
Once granted the full license, BitGo will be able “to offer regulated digital payment token services in Singapore.”
This will allow clients “to buy and sell digital assets from the safety and security of BitGo’s insured cold storage custody solution built within a class III vault.”
Clients will have access “to aggregated deep liquidity and industry leading security and custody.”
Mike Belshe, CEO of BitGo, Inc. remarked:
“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 licence 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.”
As noted in the update, BitGo says that it aims to “provide the most secure and scalable wallet solutions for the digital asset economy, offering regulated custody, staking and trading, and core wallet infrastructure.”
Founded in 2013, BitGo claims that it pioneered “the multi-signature wallet and is the first digital asset company to focus exclusively on serving institutional clients. In 2018, it launched BitGo Trust Company, the first qualified custodian purpose-built for storing digital assets, and established BitGo New York Trust in 2021. In 2022, BitGo launched institutional-grade DeFi, NFT, and web3 services.”
BitGo secures approximately 20% of “all on-chain Bitcoin transactions by value and supports more than 700 digital assets within its platform. BitGo provides the security and operational backbone for more than 1,500 institutional clients in 50 countries, including many regulated entities and the world’s top cryptocurrency exchanges and platforms.”