BitGo receives in-principle approval from MAS for Major Payment Institution licence
BitGo, the leading provider of financial services for digital assets, announces that its subsidiary in Singapore, BitGo Singapore Pte. Ltd., has received in-principle approval (IPA) from the Monetary Authority of Singapore (MAS) for a Major Payment Institution Licence.
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Once granted the full licence, BitGo will be able to offer regulated digital payment token services in Singapore. This will allow clients to buy and sell digital assets from the safety and security of BitGo’s insured cold storage custody solution built within a class III vault. Clients will have access to aggregated deep liquidity and industry leading security and custody.
Mike Belshe, CEO of BitGo, Inc. remarked: “We applaud Singapore’s sound, clear and robust regulatory framework for digital assets. This in-principle approval from the Monetary Authority of Singapore comes on the heels of obtaining our BaFin licence in Germany. We look forward to expanding our global footprint and providing our clients with regulated, secure and trusted solutions.”
Hobeng (HB) Lim, Managing Director of APAC for BitGo, said: “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. We are excited to continue supporting the development and growth of the digital asset ecosystem in Singapore and beyond.”