BitGo, a leading crypto custody provider, has obtained in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license through its local entity, BitGo Singapore Pte. Ltd. Once granted the full license, BitGo Singapore will be able to offer regulated digital payment token services in the city-state.
BitGo views Singapore as an important hub for crypto innovation and believes that operating a crypto brokerage in the country positions it as a leading provider of digital asset services for institutional finance throughout the Asia-Pacific (APAC) region.
Currently, BitGo offers digital asset wallet and custody solutions in Singapore. Upon obtaining a full license, it plans to expand its offerings to allow clients to buy and sell crypto from its cold storage custody solution built 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," said Hobeng Lim, managing director of APAC for BitGo.
In August 2023, BitGo raised $100 million in Series C financing at a $1.75 billion valuation. The company plans to use the funds for strategic acquisitions and global expansion. The MPI license from MAS will allow BitGo to provide a wider range of crypto-related services to its clients in Singapore, including digital payment token exchange, custody, and remittance services.
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