BitGo,
a provider of financial services in the digital realm, has announced that its
subsidiary, BitGo Singapore Pte. Ltd., has received in-principle approval from
the Monetary Authority of Singapore (MAS) for a Major Payment Institution
Licence.
This
approval positions BitGo at the forefront of regulated digital payment token
services in Singapore. Once granted the full licence, the company will be
empowered to offer a comprehensive suite of services, allowing clients to
securely buy and sell digital assets through BitGo’s insured cold storage
custody solution, housed within a cutting-edge class III vault.
Mike Belshe, CEO of BitGo, Inc., Source: LinkedIn
Mike Belshe, the CEO of BitGo, Inc. remarked: “We applaud Singapore’s sound, clear and robust regulatory
framework for digital assets. This in-principle approval from the Monetary
Authority of Singapore comes on the heels of
obtaining our BaFin licence in Germany. We look
forward to expanding our global footprint and providing our clients with
regulated, secure and trusted solutions.”
Hobeng Lim, Managing Director of APAC for BitGo, Source: LinkedIn
One
of the key advantages for BitGo clients will be access to aggregated deep
liquidity, a critical component for effective trading in the digital asset
market. This feature ensures that clients can execute transactions efficiently,
even during periods of high market volatility.
BitGo receives in-principle approval from the Monetary Authority of Singapore (MAS).
This expands our global footprint and provides APAC with regulated, secure and trusted solutions.
We applaud Singapore’s sound, clear and robust regulatory framework for digital assets. 🇸🇬… https://t.co/yTbMgudMCf
— BitGo (@BitGo) January 10, 2024
Regulatory
Environment for Digital Assets in Singapore
BitGo
Singapore’s imminent acquisition of the Major Payment Institution Licence
aligns with Singapore’s efforts to establish itself as a global hub for
financial technology and innovation. The MAS has been proactive in
fostering a conducive regulatory environment for digital asset services, and
BitGo’s approval signifies a crucial step towards achieving regulatory clarity
and legitimacy in the sector.
Hobeng
Lim, the Managing Director of APAC for BitGo, said: “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. We are excited
to continue supporting the development and growth of the digital asset
ecosystem in Singapore and
beyond.”
BitGo,
a provider of financial services in the digital realm, has announced that its
subsidiary, BitGo Singapore Pte. Ltd., has received in-principle approval from
the Monetary Authority of Singapore (MAS) for a Major Payment Institution
Licence.
This
approval positions BitGo at the forefront of regulated digital payment token
services in Singapore. Once granted the full licence, the company will be
empowered to offer a comprehensive suite of services, allowing clients to
securely buy and sell digital assets through BitGo’s insured cold storage
custody solution, housed within a cutting-edge class III vault.
Mike Belshe, CEO of BitGo, Inc., Source: LinkedIn
Mike Belshe, the CEO of BitGo, Inc. remarked: “We applaud Singapore’s sound, clear and robust regulatory
framework for digital assets. This in-principle approval from the Monetary
Authority of Singapore comes on the heels of
obtaining our BaFin licence in Germany. We look
forward to expanding our global footprint and providing our clients with
regulated, secure and trusted solutions.”
Hobeng Lim, Managing Director of APAC for BitGo, Source: LinkedIn
One
of the key advantages for BitGo clients will be access to aggregated deep
liquidity, a critical component for effective trading in the digital asset
market. This feature ensures that clients can execute transactions efficiently,
even during periods of high market volatility.
BitGo receives in-principle approval from the Monetary Authority of Singapore (MAS).
This expands our global footprint and provides APAC with regulated, secure and trusted solutions.
We applaud Singapore’s sound, clear and robust regulatory framework for digital assets. 🇸🇬… https://t.co/yTbMgudMCf
— BitGo (@BitGo) January 10, 2024
Regulatory
Environment for Digital Assets in Singapore
BitGo
Singapore’s imminent acquisition of the Major Payment Institution Licence
aligns with Singapore’s efforts to establish itself as a global hub for
financial technology and innovation. The MAS has been proactive in
fostering a conducive regulatory environment for digital asset services, and
BitGo’s approval signifies a crucial step towards achieving regulatory clarity
and legitimacy in the sector.
Hobeng
Lim, the Managing Director of APAC for BitGo, said: “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. We are excited
to continue supporting the development and growth of the digital asset
ecosystem in Singapore and
beyond.”
