BitGo Secures Initial Approval for Digital Asset License in Singapore

In-Principle Approval for Major Payment Institution License

BitGo, a longstanding crypto custody business, has secured in-principle approval from Singapore's top financial regulator for a Major Payment Institution license through its local entity.

Regulated Digital Payment Token Services

BitGo Singapore Pte. Ltd., the company's subsidiary, anticipates offering regulated digital payment token services upon receiving the full license in the city-state.

Singapore as a Crypto Innovation Hub

Acknowledging Singapore's significance as a crypto innovation hub, BitGo highlights its positioning within the country as crucial for delivering digital asset services to institutional finance across the APAC region.

Expanding Services in Singapore

Currently providing digital asset wallet and custody solutions in Singapore, BitGo intends to extend its offerings post full license approval, allowing clients to engage in buying and selling crypto from its cold storage custody solution housed within a class III vault.

Commitment to Singapore's Regulatory Framework

Hobeng Lim, BitGo's APAC Managing Director, lauded the Monetary Authority of Singapore's forward-thinking regulatory framework for digital assets. The region's status as a financial center and business gateway to APAC reinforces BitGo's commitment to establishing its regional headquarters in Singapore.

Global Expansion and Strategic Financing

In August 2023, BitGo, headquartered in Palo Alto, California, secured $100 million in Series C financing at a valuation of $1.75 billion. The company's plans for the funds included strategic acquisitions and global expansion, as reported by The Block.