BitGo Secures Approval for Digital Asset License in Singapore

BitGo, a well-established company in the crypto custody industry, has recently received in-principle approval from Singapore's leading financial regulator for a Major Payment Institution license for its local entity.

In a statement shared with The Block today, BitGo announced that its subsidiary, BitGo Singapore Pte. Ltd., would be authorized to provide regulated digital payment token services in Singapore once it receives the full license.

BitGo emphasized in the statement that it considers Singapore a crucial center for crypto innovation and that establishing a crypto brokerage in the country solidifies BitGo's position as a prominent provider of digital asset services for institutional finance in the Asia-Pacific region.

According to a BitGo spokesperson, the company currently provides digital asset wallet and custody solutions in Singapore. Upon receiving the full license, BitGo has plans to expand its services to enable clients to purchase and sell cryptocurrencies using its cold storage custody solution, which is securely housed within a class III vault.

"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,” Hobeng Lim, managing director of APAC for BitGo, said in the statement.

In August 2023, BitGo, headquartered in Palo Alto, California, secured $100 million in Series C financing, valuing the company at $1.75 billion. According to The Block, the funds were intended to be utilized for strategic acquisitions and expanding BitGo's presence worldwide.