Key Insights
- BitGo has secured the Major Payment Institution Licence from Singaporean authorities.
- The licence allows BitGo to offer regulated digital payment token services in Singapore, including custody, trading, and self-custody wallet solutions.
SINGAPORE (MarketsXplora) – Digital asset infrastructure provider BitGo has obtained the Major Payment Institution Licence from the Monetary Authority of Singapore (MAS), the company announced on Thursday.
The license follows an in-principle approval granted to BitGo several months ago, signaling Singapore’s commitment to fostering a clear and structured regulatory environment for the digital asset industry.
“Singapore is a leading financial centre in Asia. With this licence, we can meet the rising demands of clients with a diverse set of needs from fully regulated custody and trade to self-custody wallets,” said Mike Belshe, CEO of BitGo.
The licence will allow BitGo to offer regulated digital payment token services in Singapore, including the ability for clients to buy and sell digital assets using the company’s insured cold storage custody solution, which is housed in a Class III vault.
The service also provides clients with access to deep liquidity and a platform for trading and custody of digital assets.
“BitGo is the only company in the region offering the full set of services,” Belshe added.
With over a decade of experience in providing custody and financial solutions globally, the new licence strengthens BitGo’s presence in Asia and supports the growth and development of digital asset services in the region.
“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,” said Youngro Lee, CEO of BitGo Singapore and Head of BitGo Asia.
Lee further commented that the company looks forward to working closely with the MAS in the journey ahead, underscoring BitGo’s commitment to collaborating with regulators to foster a robust and trusted digital asset ecosystem in Singapore.
The acquisition of the Major Payment Institution Licence positions BitGo as a leading provider of regulated digital asset services in the region, catering to the rising demands of clients seeking fully compliant and secure custody, trading, and wallet solutions.
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