BitGo Receives Major Payment Institution License in Singapore 🇸🇬

BitGo Secures In-Principle Approval from Singapore's MAS to Provide Digital Asset Trading Services for Non-Retail Investors

BitGo gets preliminary approval to operate in Singapore

BitGo, the renowned American digital asset custody firm, has recently been granted in-principle approval from Singapore’s Monetary Authority of Singapore (MAS) for a Major Payment Institution license. This significant development brings BitGo one step closer to offering specialized trading services for non-retail investors.

According to a social media post by BitGo, this approval expands their global footprint and provides the Asia-Pacific (APAC) region with regulated, secure, and trusted solutions. BitGo applauds Singapore’s sound, clear, and robust regulatory framework for digital assets.

The full license is now within sight for BitGo Singapore Pte. Ltd., enabling the company to expand its services in the city-state. Their goal is to empower institutional clients to directly purchase and sell cryptocurrencies through their cold storage custody solution.

BitGo’s decision to expand to Singapore is driven by the country’s regulatory clarity around digital assets, as well as its reputation as a leading innovation hub and gateway to the Asia-Pacific region. Lim Ho Beng, BitGo’s Asia-Pacific managing director, emphasized Singapore’s role in this expansion.

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Why is Singapore’s regulatory framework important?

Singapore’s regulatory framework plays a crucial role in attracting companies like BitGo to establish a presence in the country. The clear and robust regulations provide a secure environment for digital asset custodians and investors. By nurturing innovation, Singapore positions itself as a key player in the blockchain and crypto space.

How does BitGo’s expansion benefit institutional clients?

BitGo’s expansion into Singapore enhances the availability of trusted and regulated services for institutional clients. By offering direct purchasing and selling of cryptocurrencies through their secure cold storage custody solution, BitGo provides a seamless and reliable way for institutions to engage with digital assets.

For institutional investors, having access to regulated custodial services is essential for managing their digital assets securely. BitGo’s entry into the Singapore market fills that gap and meets the growing demand for comprehensive, compliant solutions.

BitGo’s impressive progress on a global scale

Before obtaining the in-principle approval from MAS in Singapore, BitGo had already made significant strides in the global digital asset custody space. The company acquired a crypto custody license from Germany’s Federal Financial Supervisory Authority (BaFin), marking a major step in their European expansion.

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

Dejan Maljevic, BitGo’s Managing European Director, recognized BaFin as one of the world’s key trendsetters in crypto regulation. Their secure regulatory framework allows for the progress of digital currencies while ensuring a safe environment for investors.

In addition to Germany, BitGo also obtained approval from the New York Department of Financial Services (NYDFS) for the New York Trust Charter. This authorization widens the spectrum of institutional clients in New York that can access BitGo’s custody services.

The Future of BitGo and the Crypto Custody Space

BitGo’s steady expansion into new regulatory-compliant markets positions them as a leading player in the crypto custody industry. As they solidify their presence in Singapore, Germany, and New York, BitGo is paving the way for institutional players to securely engage with digital assets.

Their focus on offering trusted and regulated services is commendable, especially in a fast-moving and sometimes volatile industry. By ensuring compliance and security, BitGo establishes trust among institutional investors who seek reliable custodial solutions.

As the crypto market continues to grow and mature, the demand for regulated custodial services will rise. BitGo’s strategic expansion and commitment to compliance position them well to meet this demand and become a go-to provider in the evolving digital asset landscape.

Conclusion

BitGo’s in-principle approval from Singapore’s MAS for a Major Payment Institution license marks an important milestone in their quest to offer specialized trading services for non-retail investors. Their expansion into Singapore, Germany, and New York showcases their commitment to providing trustworthy custody solutions while adhering to regulatory requirements.

Institutions seeking regulated and secure custodial services can now turn to BitGo in multiple jurisdictions. By expanding their global footprint, BitGo is setting a new standard for the custody of digital assets and contributing to the overall growth and maturation of the crypto industry.

🔗 References: – Singapore’s MAS Adds Crypto Wallet imToken to Investor Alert List – BitGo’s Tweet about Singapore’s Approval – BitGo’s German License & Self-Custody Conflict – The Straits Times – Pixabay

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