Digital asset custody provider BitGo has announced that it has received in-principle approval from Singapore’s top financial regulator for a major payment institution license through its local entity.
BitGo, a decade-old cryptocurrency custodian firm, has received in-principle approval from Singapore’s top financial regulator for a major payment institution license through its local entity.
Once fully licensed, BitGo Singapore Pte. Ltd.’s Singapore-based subsidiary will be able to offer regulated digital payment token services in the city-state, the company said in a statement shared with The Block today.
In its announcement, BitGo noted that it sees Singapore as an important hub for cryptocurrency innovation, and that operating a crypto brokerage in the country “positions BitGo as a leading provider of digital asset services for institutional financing throughout the Asia Pacific region.”
A BitGo spokesperson told The Block that the company currently offers digital asset wallets and custody solutions in Singapore. After obtaining a full license, it plans to expand its product offerings to allow customers to buy and sell cryptocurrencies from its cold storage custody solutions built within Class III vaults.