BitGo Gains Regulatory Nod For Crypto Services In Singapore
BitGo, a well-established crypto custody business with a decade of experience, has secured in-principle approval from Singapore’s primary financial regulator for a Major Payment Institution license through its local subsidiary, BitGo Singapore Pte. Ltd.
Once the subsidiary obtains the full license, it will have the authorization to offer regulated digital payment token services in Singapore. Emphasizing Singapore’s significance in crypto innovation, BitGo sees its crypto brokerage operation in the country as a strategic move, positioning itself as a leading provider of digital asset services for institutional finance across the Asia-Pacific (APAC) region.
Currently offering digital asset wallet and custody solutions in Singapore, BitGo aims to expand its services, allowing clients to buy and sell crypto from its cold storage custody solution within a class III vault. The company views Singapore’s regulatory framework and its role as a financial center and innovation hub as pivotal factors driving its commitment to establishing Singapore as its regional headquarters. In August 2023, BitGo raised $100 million in Series C financing, intending to utilize the funds for strategic acquisitions and global expansion.
Clever Robot News Desk 10th January 2024
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