BitGo, a provider of digital asset infrastructure solutions, has secured the Major Payment Institution Licence from the Monetary Authority of Singapore (MAS).
This licence follows an in-principle approval granted several months ago. Singapore's clear and structured regulatory environment supports BitGo's aim to provide regulated and secure digital asset services in the region.
Expanding Regulated Custody Solutions
With this licence, BitGo can now offer regulated digital payment token services in Singapore. Clients will be able to buy and sell digital assets using BitGo's insured cold storage custody solution, which is housed in a Class III vault.
The service includes access to deep liquidity and a platform for trading and custody.
Mike Belshe, CEO of BitGo said: "Singapore is a leading financial centre in Asia. With this licence, we can meet the rising demands of clients with a diverse set of needs from fully regulated custody and trade to self-custody wallets. BitGo is the only company in the region offering the full set of services."
BitGo is pleased to announce that we have obtained the Major Payment Institution Licence from the Monetary Authority of Singapore.We are committed to meeting the rising demands of client needs in Asia through regulated digital payment token services. This includes our… pic.twitter.com/4DAgKvLVVD
— BitGo (@BitGo) August 8, 2024
Enhancing Regional Operations
BitGo, with over a decade of experience, provides custody and financial solutions globally. This licence strengthens BitGo's presence in Asia and supports the growth and development of digital asset services in the region.
Youngro Lee, CEO of BitGo Singapore and Head of BitGo Asia commented: "This licence marks a new era for BitGo's international operations, enabling us to deliver unparalleled digital asset solutions to our clients in Asia and beyond. We look forward to working with MAS closely in the journey ahead."
This article was written by Tareq Sikder at www.financemagnates.com.
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