US crypto company BitGo can now expand its operations in Singapore with regulated digital payment token services.
Before securing the Major Payment Institution License (MPI) from the Monetary Authority of Singapore (MAS), California-based crypto custody firm BitGo could serve users in Singapore and APAC only with custody from the US South Dakota Trust and hot wallets.
The license allows companies to provide digital asset payment services without being subject to transaction limits imposed on smaller entities. Therefore, BitGo clients in Singapore will be able to buy and sell digital assets from the custody firm’s insured cold storage solution built within a class III vault. They will also have access to aggregated deep liquidity and BitGo’s platform for trading and custody.
Founded in 2013, BitGo focuses exclusively on serving institutional clients. It offers custody, wallets, staking, trading, financing and settlement out of regulated cold storage. The firm currently serves more than 1,500 institutional clients in 50 countries.
MAS license is an important milestone that strengthens BitGo’s presence in Asia. We have earlier reported that BitGo was preparing to offer joint digital asset custody services with South Korean KEB Hana Bank. This joint cryptocurrency custody venture is supposed to launch in the second half of 2024. The venture will leverage BitGo’s custody solutions and Hana Bank’s financial service and compliance expertise.
Singapore has lately emerged as a leading cryptocurrency hub in Southeast Asia, with public awareness reaching remarkable levels, attracting both retail and institutional investors. Meanwhile, being a leading financial centre in Asia, the Singaporean market opens new opportunities for BitGo’s international expansion.
Youngro Lee, CEO of BitGo Singapore and Head of BitGo Asia said: “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.”
