BitGo, a US-based wallet infrastructure provider and digital asset management company, has received in-principle approval for a major payment institution license from the Monetary Authority of Singapore (MAS).
The in-principle approval allows BitGo to continue operating in Singapore pending a full license. This will allow the company to offer digital payment token services within the city-state. BitGo’s Singapore subsidiary, BitGo Singapore Pte. Ltd., intends to provide these regulated services once fully licensed.
Singapore’s MAS allows entities with major payment institution licenses to provide payment services without the usual transaction restrictions. These limits typically include a cap of S$3 million ($2.2 million) for a single payment service and a monthly limit of S$6 million ($4.4 million) for multiple payment services. included.
This move by BitGo follows its success in securing a crypto asset custody license from the German Federal Financial Supervisory Authority (BaFin) in October 2023. Since 2019, BitGo has been providing crypto asset custody services as part of the transition regime under his BaFin supervision. client. In 2020, the company established two new legal entities in Switzerland and Germany to expand its European operations.
The approval from the Singapore Monetary Authority comes as other major crypto players such as Coinbase, Crypto.com and Ripple have also obtained full MPI licenses in the country. Singapore is known for its crypto-friendly regulatory environment that balances technological innovation and consumer protection.
“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,” BitGo said in a statement.
A BitGo representative said the company currently offers digital asset wallet and custody solutions in Singapore. BitGo plans to expand its services with full licensing, allowing clients to buy and sell cryptocurrencies directly from a secure cold storage solution.
BitGo, which recently secured $100 million in funding, appears to be actively exploring acquisition opportunities to expand its footprint in the rapidly evolving crypto space. The Series C funding round comes months after Galaxy Digital called off a proposed $1.2 billion acquisition.
The new capital injection boosts the Palo Alto, California-based company’s valuation to $1.75 billion. BitGo has not disclosed who exactly participated in this funding round. All they’re saying is that it’s a new person, a “new outside strategic investor.”