BitGo secures in-principle approval in Singapore
BitGo, a U.S.-based wallet infrastructure provider and digital asset custodian, has received in-principle approval for a Major Payment Institution license from Singapore’s Monetary Authority of Singapore (MAS).
Upon receiving the full license from the Monetary Authority of Singapore (MAS), BitGo clients will have access to buy and sell digital assets from the safety and security of BitGo’s insured cold storage custody solution. BitGo’s subsidiary in Singapore, BitGo Singapore Pte. Ltd., is set to provide these regulated services once the complete license is granted.
Singapore’s MAS allows entities with a Major Payment Institution license to conduct payment services without the usual transaction limits. These limits typically include a cap of 3 million Singapore dollars ($2.2 million) for any single payment service and a monthly limit of 6 million Singapore dollars ($4.4 million) for multiple payment services.
This move by BitGo follows its achievement of securing a crypto custody license from Germany’s Federal Financial Supervisory Authority (BaFin) in October 2023. Since 2019, under BaFin’s supervision and as part of a transitional regime, BitGo has been providing crypto asset storage services for its clients. In 2020, the firm established two new entities in Switzerland and Germany to expand its European operations.
The approval from Singapore’s financial authority comes as other major crypto players like Coinbase, Crypto.com, and Ripple have also obtained complete MPI licenses in the country. Singapore is recognized for its crypto-friendly regulatory environment, balancing technological innovation with consumer protection.
“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,” BitGo said in a statement.
BitGo, having recently secured a funding boost of $100 million, appears to be proactively seeking acquisition opportunities to expand its footprint in the rapidly evolving crypto domain. The Series C financing round came a few months after Galaxy Digital called off its proposed $1.2 billion acquisition.
The fresh capital infusion boosts the Palo Alto, California-based company’s valuation to $1.75 billion. BitGo did not disclose who exactly joined in on this funding round. All they’re saying is that it’s some fresh faces – “new, outside strategic investors.”