BitGo, a well-established crypto custody business with over a decade of experience, has recently received in-principle approval from Singapore’s top financial regulator for a Major Payment Institution license through its local entity.
This development will allow BitGo Singapore Pte. Ltd., the company’s subsidiary in Singapore, to offer regulated digital payment token services in the city-state, once the full license is granted.
In its official statement, BitGo emphasized the significance of Singapore as a key hub for crypto innovation and highlighted the strategic positioning of its crypto brokerage in the country. The company sees this move as a means to establish itself as a leading provider of digital asset services for institutional finance across the APAC region.
A spokesperson for BitGo revealed that the company currently provides digital asset wallet and custody solutions in Singapore. However, upon obtaining the full license, BitGo plans to expand its offerings to include the ability for clients to buy and sell crypto from its cold storage custody solution, housed within a class III vault.
Hobeng Lim, managing director of APAC for BitGo, emphasized the forward-looking and risk-proportionate regulatory framework for digital assets put forth by the Monetary Authority of Singapore. Additionally, he highlighted Singapore’s leading position as a financial center, innovation hub, and business gateway to APAC, all of which are influential factors driving BitGo’s commitment to establishing Singapore as its regional headquarters.
In a significant development, BitGo secured $100 million in Series C financing at a $1.75 billion valuation in August 2023. The company’s plans to utilize the funds for strategic acquisitions and global expansion were reported by The Block, further indicating BitGo’s strong position in the crypto industry.
