BitGo secures in-principle approval in Singapore

abdelaziz Fathi

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.”

  • Read this next

    Digital Assets

    Bitcoin nears $62,000, sparking retail buying frenzy

    Bitcoin dashed past the $61,000 barrier on Wednesday, a peak it hadn’t touched since the waning days of November 2021.

    Market News

    OPEC+ Extension of Oil Output Cut Causes Rally

    The dynamics surrounding crude oil are indeed fascinating, given its unique role as both a globally traded commodity and a vital energy source deeply influenced by the OPEC+ alliance’s decisions.

    Institutional FX

    DKK reports 226% growth in 2023 with eyes on African expansion

    “Our numbers are beginning to show how we are powering, the growth required by emerging markets, and we plan for the success of our strategies to continue to thrive in 2024.”

    Industry News

    ‘WTF’ as in ‘What The Fraud?’, Sumsub’s new podcast on digital fraud

    “We found a lack of informative podcasts talking about digital fraud threats and prevention for business owners. So, we decided to dive in and share our expertise along with industry top minds in the ‘What The Fraud?’ podcast.”

    Digital Assets

    Coin Metrics integrates market data from Cboe Digital

    “We are pleased to work with Coin Metrics and believe that having quality and timely data, and systems to analyze that data, will help crypto markets mature as well as evolve to become a core component of a diversified investment portfolio. We are focused on providing access and solutions to the spot and derivatives crypto market in a way which mirrors an investor’s experience with traditional markets.”

    Fintech

    AU10TIX launches KYB solution to address regulatory requirements

    “Our customers have been requesting a comprehensive KYB solution, because money laundering and fraud have become far too prevalent in the corporate world. Our unified KYB/KYC solution is essential for identifying bad actors and maintaining a safe business environment in 2024.”

    Digital Assets

    Japan Is Rapidly Emerging As A Global Leader In Compliant Crypto Payments

    Japan is often hailed as one of the most forward-thinking nations in the crypto industry, with its government taking a very positive stance on the potential of concepts such as Web3. 

    Digital Assets

    Kraken launches institutional arm

    “If you already work with Kraken, you know how much we care about offering high quality products and a client-first experience. We’ve been the leading crypto exchange for more than a decade and through Kraken Institutional, we’ll offer the same deep expertise and cutting-edge technology to propel trading excellence for institutions.”

    Fintech

    Centroid integrates with brokerage solutions provider GTN

    “We are thrilled to integrate GTN into Centroid Bridge, our multi-asset connectivity bridging engine. This integration allows our clients to gain access to the wide range of multi-asset products offered by GTN.”

    <