BitGo, a 10-year-old cryptocurrency custody company, has received in-principle approval from Singapore’s top financial regulator for a major payments institution license through its local entity.
The company said in a statement shared with The Block today that it has granted a formal license to BitGo Singapore Pte. Ltd., its Singapore-based subsidiary, can provide regulated digital payment token services in the city-state.
BitGo sees Singapore as an important hub for cryptocurrency innovation, and operating a cryptocurrency brokerage in the country “positions BitGo as a leading provider of digital asset services for institutional finance across APAC,” BitGo said in a statement. Yes.
A BitGo spokesperson told The Block that the company currently offers digital asset wallet and custody solutions in Singapore. Once fully licensed, we plan to expand our services to allow customers to buy and sell cryptocurrencies in refrigerated storage solutions built within Class III vaults.
“The Monetary Authority of Singapore’s forward-looking and risk-proportionate regulatory framework for digital assets and Singapore’s leading position as a financial centre, innovation hub and business gateway for APAC are key factors driving BitGo’s efforts to make Singapore its regional headquarters. . ” Hobeng Lim, BitGo’s APAC managing director, said in a statement.
In August 2023, BitGo Palo Alto, California; raised $100 million $1.75 billion valuation in Series C financing. The Block reported that the company plans to use the funds for strategic acquisitions and global expansion.
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