Fintech News Singapore
January 10, 2024
Crypto asset management company BitGo announced that its Singapore subsidiary has received in-principle approval from the Monetary Authority of Singapore (MAS) for a major payment institution license for digital payment token services.
Once fully licensed, BitGo aims to offer clients the ability to securely buy and sell digital assets.
The company emphasized the security of its operations, noting that transactions are processed through an insured cold storage solution with Class III storage. Additionally, BitGo highlights its ability to provide abundant liquidity and robust security and custody services.
Founded in 2013, BitGo has expanded its services over the years, including introducing multi-signature wallets and creating the BitGo Trust Company in 2018 and BitGo New York Trust in 2021, with a focus on digital asset custody. I’ve been doing it.
In 2022, BitGo expanded its services to include institutional DeFi, NFTs, and Web 3.0. The company claims to process 20% of all on-chain Bitcoin transactions by value, support over 700 digital assets, and serve over 1,500 institutional customers in 50 countries. .
mike belshe
Mike Belshe, CEO of BitGo, Inc., said:
“We applaud Singapore’s sound, clear and robust regulatory framework for digital assets. This in-principle approval from the Monetary Authority of Singapore comes on the heels of our receiving the BaFin license in Germany. We look forward to expanding our global footprint and providing regulated, safe and reliable solutions to our clients.”
Hoven (HB) Rim
Hobeng (HB) Lim, APAC Managing Director at BitGo, said:
“The Monetary Authority of Singapore’s forward-looking, risk-proportionate regulatory framework for digital assets and Singapore’s leading position as a financial center, innovation hub, and business gateway to APAC underpin BitGo’s commitment to Singapore as its regional headquarters. This is an important factor.” We are excited to continue supporting the development and growth of the digital asset ecosystem in Singapore and the rest of the world. ”
Featured image credit: Edited from Freepik