BitGo Gains In-Principle Approval from Authority to Operate in Singapore

Forex
January 10, 2024
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Source: Pixabay / sasint

BitGo has recently been granted in-principle approval from Singapore’s Monetary Authority of Singapore (MAS) for a Major Payment Institution license.

According to a social media post published by the established American digital asset custody firm, BitGo is one step closer to offering specialized trading services for non-retail investors.

BitGo receives in-principle approval from the Monetary Authority of Singapore (MAS).

This expands our global footprint and provides APAC with regulated, secure and trusted solutions.

We applaud Singapore’s sound, clear and robust regulatory framework for digital assets. … https://t.co/yTbMgudMCf

— BitGo (@BitGo) January 10, 2024

“This expands our global footprint and provides APAC with regulated, secure and trusted solutions,” wrote the post. “We applaud Singapore’s sound, clear and robust regulatory framework for digital assets.”

With the full license in sight, BitGo Singapore Pte. Ltd. plans to expand its services in the city-state. The company aims to enable institutional clients to purchase and sell cryptocurrencies directly from its cold storage custody solution.

Singapore’s regulatory clarity around digital assets, and its position as a leading innovation hub and gateway to Asia-Pacific are key factors driving the expansion to the Republic, said Lim Ho Beng, BitGo’s Asia-Pacific managing director, as reported by The Straits Times.

BitGo CEO Mike Belshe highlighted the significance of the MAS in-principle approval following the firm’s recent acquisition of its German license.

“We look forward to expanding our global footprint and providing our clients with regulated, secure and trusted solutions,” said Belshe.

BitGo Gets Digital Asset Custody License in Germany

Before the progress in Singapore, BitGo had already made significant strides in the global digital asset custody space. The firm acquired a crypto custody license from Germany’s Federal Financial Supervisory Authority (BaFin), marking a key step in its expansion within Europe.

Established in 2020, BitGo Deutschland GmbH started its operations under a transitional regime in Germany. The acquisition of the full German license aligns with BitGo’s strategy of expanding its services in regulatory-compliant markets.

Dejan Maljevic, BitGo’s Managing European Director, said, “BaFin is recognized as one of the world’s key trendsetters in crypto regulation. It enables the progress that digital currencies entail while creating a secure regulatory framework.”

In addition to its presence in Germany, BitGo also obtained approval from the New York Department of Financial Services (NYDFS) for the New York Trust Charter. This authorization enables the firm to extend its custody services to a broader range of institutional clients in New York.

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