BitGo says it has obtained the Major Payment Institution License from the Monetary Authority of Singapore (MAS).
This comes after its in-principle approval from several months prior.
Singapore‘s regulatory framework is said to support its “commitment to offering regulated, secure, and compliant digital asset services to the region.”
BitGo now offers regulated digital payment token services in Singapore. Clients will be able 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 liquidity and a platform for trading and custody.
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.”
With over a decade of expertise, BitGo offers “custody and financial solutions around the world.”
This milestone not only strengthens BitGo’s presence in Asia but “provides the businesses and all digital asset participants in the region solutions needed to pave the way for future advancements in this industry.”
As covered, BitGo is the infrastructure provider of digital asset solutions, “offering custody, wallets, staking, trading, financing and settlement out of regulated cold storage.”
Founded in 2013, BitGo claims it is the first digital asset company “to focus exclusively on serving institutional clients.”
BitGo is dedicated to advancing “a digital financial services economy that is borderless and accessible 24/7.”
With multiple Trust companies around the world, BitGo is the preferred security and operational backbone for “more than 1,500 institutional clients in 50 countries, including many of the world’s top brands, cryptocurrency exchanges and platforms.”
BitGo also secures approximately 20% of all “on-chain Bitcoin transactions by value and is the largest independent digital asset custodian.”