BitGo Secures Approval for Major Payment Institution License in Singapore
BitGo, a well-established crypto custody business, has received in-principle approval from Singapore’s top financial regulator for a Major Payment Institution license via its local entity. This license will allow BitGo Singapore Pte. Ltd., the company’s subsidiary in Singapore, to provide regulated digital payment token services in the country once it is granted the full license.
Singapore: A Hub for Crypto Innovation
BitGo considers Singapore to be a crucial hub for crypto innovation and believes that operating a crypto brokerage in the country will position them as a leading provider of digital asset services for institutional finance throughout the Asia-Pacific (APAC) region.
Expanding Offerings in Singapore
Currently, BitGo offers digital asset wallet and custody solutions in Singapore. However, upon obtaining the full license, they plan to expand their offerings to include the ability for clients to buy and sell crypto from their cold storage custody solution built within a class III vault.
Singapore’s Regulatory Framework and Financial Position
Hobeng Lim, managing director of APAC for BitGo, expressed that Singapore’s forward-looking and risk-proportionate regulatory framework for digital assets, along with its leading position as a financial center and innovation hub, played a significant role in BitGo’s commitment to establishing its regional headquarters in Singapore.
Hot Take: BitGo Expands Presence in Asia with Singapore License
BitGo’s recent approval for a Major Payment Institution license in Singapore marks a significant milestone for the company’s expansion into the Asia-Pacific market. With this license, BitGo will be able to offer regulated digital payment token services and further strengthen its position as a leading provider of digital asset services for institutional finance in the region. Singapore’s favorable regulatory framework and its reputation as a financial center and innovation hub make it an ideal location for BitGo’s regional headquarters. This move not only allows BitGo to tap into the thriving crypto industry in Singapore but also positions them for future growth and strategic acquisitions.
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