BitGo obtains in-principle approval in Singapore for digital asset license

BitGo, a well-established crypto custody business, has received initial approval from Singapore’s top financial regulator for a Major Payment Institution license. The license, once granted in full, will enable BitGo Singapore Pte. Ltd., BitGo’s subsidiary in Singapore, to offer regulated digital payment token services in the city-state. BitGo sees Singapore as a crucial hub for crypto innovation and aims to position itself as a leading provider of digital asset services for institutional finance across the APAC region. Currently, BitGo offers digital asset wallet and custody solutions in Singapore, but with the full license, it plans to expand its offerings to include buying and selling crypto from its cold storage custody solution. BitGo’s commitment to Singapore as its regional headquarters is driven by the forward-looking and risk-proportionate regulatory framework for digital assets, as well as Singapore’s reputation as a financial center and innovation hub. In August 2023, BitGo raised $100 million in Series C financing, with plans to use the funds for strategic acquisitions and global expansion.