BitGo obtains in-principle approval in Singapore for digital asset license

BitGo, a decade-old crypto custody business, has obtained in-principle approval from Singapore’s top financial regulator for a Major Payment Institution license through its local entity.

The company said today in a statement shared with The Block that, once granted the full license, BitGo Singapore Pte. Ltd., its subsidiary in Singapore, would be able to offer regulated digital payment token services in the city-state.

BitGo noted in the statement that it views Singapore as an important hub for crypto innovation and that operating a crypto brokerage in the country “positions BitGo as a leading provider of digital asset services for institutional finance throughout APAC.”

A BitGo spokesperson told The Block that the company currently offers digital asset wallet and custody solutions in Singapore. Upon obtaining a full license, it plans to expand its offerings to also allow clients to buy and sell crypto from its cold storage custody solution built within a class III vault.

“The Monetary Authority of Singapore's forward-looking and risk-proportionate regulatory framework for digital assets, as well as Singapore’s leading position as a financial centre, innovation hub and business gateway to APAC, are key factors driving BitGo’s commitment to Singapore as its regional headquarters,” Hobeng Lim, managing director of APAC for BitGo, said in the statement.

In August 2023, BitGo, based in Palo Alto, California, raised $100 million in Series C financing at a $1.75 billion valuation. The Block reported that the company planned to use the funds for strategic acquisitions and global expansion.