- BitGo has scored a win in Singapore.
- The company secured preliminary approval for a key license.
- Once granted, the license will help BitGo expand its crypto offerings in the country.
Crypto custodian BitGo has secured preliminary approval for Singapore’s Major Payment Institution (MPI) license, usually granted by the Monetary Authority of Singapore (MAS).
The development comes when BitGo rapidly expands its global influence, evidenced by the multiple collaborative relationships it built last year, including a September partnership with South Korea’s KEB Hana Bank to enhance the quality of local digital asset services.
BitGo Advances in Singapore
According to an announcement shared on BitGo’s Twitter (X) page on January 10, MAS has granted the company preliminary approval for an MPI license, expanding its global footprint and the ability to provide “APAC with regulated, secure, and trusted solutions.”
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Once BitGo secures full authorization from MAS, the firm will leverage the MPI license to expand its offerings in Singapore, allowing institutional clients to buy and sell cryptocurrencies from its insured cold storage custody solution.
As reported by The Straits Times, BitGo’s Asia-Pacific managing director, Lim Ho Beng, lauded the win, noting that Singapore’s regulatory clarity around digital assets and its position as a leading innovation hub and gateway to APAC are the key factors driving BitGo’s expansion into the country.
Before Singapore’s win, BitGo had already made other significant strides in its journey to becoming a crypto powerhouse.
BitGo’s Global Influence
Founded in 2013 in California, BitGo debuted its crypto trading services in the U.S. in 2020. The company acquired a crypto custody license from Germany’s Federal Financial Supervisory Authority (BaFin) last year, effectively setting foot in Europe.
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As a pioneer of the multi-signature wallet, BitGo secures about 20% of all on-chain Bitcoin transactions and supports over 700 digital assets on its platform. The company also provides security and operational support to over 150 institutional clients in 50 countries.
BitGo attributes this success to its licensing and regulatory strategies amid market uncertainty and scrutiny from world governments.
Read how Upbit recently secured Singapore’s MPI license:
Upbit Secures Singapore’s Major Payment Institution License
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