BitGo Receives In-Principle Approval for Major Payment Institution License in Singapore
BitGo, the American digital asset custody firm, has been granted in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution license. This brings BitGo one step closer to offering specialized trading services for non-retail investors. The company plans to expand its services in Singapore and enable institutional clients to buy and sell cryptocurrencies directly from its cold storage custody solution.
Singapore’s Regulatory Clarity and Innovation Hub Drive BitGo’s Expansion
BitGo’s decision to expand in Singapore is driven by the country’s regulatory clarity around digital assets and its position as an innovation hub and gateway to the Asia-Pacific region. Lim Ho Beng, BitGo’s Asia-Pacific managing director, highlighted these factors as key drivers for the company’s expansion. BitGo CEO Mike Belshe expressed excitement about expanding their global footprint and providing regulated and secure solutions to clients.
BitGo’s Global Expansion Continues with Digital Asset Custody License in Germany
Prior to the approval in Singapore, BitGo acquired a crypto custody license from Germany’s Federal Financial Supervisory Authority (BaFin), allowing them to expand their services within Europe. This aligns with BitGo’s strategy of operating in regulatory-compliant markets. The acquisition of the full German license was seen as significant progress for the company.
Hot Take: BitGo Expands Presence with Regulatory Approvals
BitGo continues to make strides in the global digital asset custody space with its recent approvals from regulatory authorities. The in-principle approval from MAS in Singapore and the acquisition of a crypto custody license from BaFin in Germany demonstrate BitGo’s commitment to expanding its services and providing regulated solutions. These approvals not only increase BitGo’s global footprint but also enhance its credibility and trustworthiness in the industry. As the company expands into new markets, it aims to offer secure and reliable trading services for institutional clients, further solidifying its position as a leading digital asset custody firm.
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