BitGo Singapore Pte. Ltd., a Subsidiary of Leading Digital Asset Financial Services Provider, Nears Regulatory Milestone with Approval from the Monetary Authority of Singapore

BitGo, the forefront provider of financial services for digital assets, revealed that its Singapore-based subsidiary, BitGo Singapore Pte. Ltd., has received in-principle approval (IPA) from the Monetary Authority of Singapore (MAS) for a Major Payment Institution Licence.

Upon receiving the full license, BitGo will be authorized to offer regulated digital payment token services in Singapore. This approval marks a significant step towards providing clients with a secure environment to buy and sell digital assets, leveraging BitGo’s insured cold storage custody solution housed within a class III vault. Clients will gain access to aggregated deep liquidity, along with industry-leading security and custody services.

Mike Belshe, CEO of BitGo, Inc., applauded Singapore’s regulatory framework, stating, “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 license in Germany. We look forward to expanding our global footprint and providing our clients with regulated, secure, and trusted solutions.”

Hobeng (HB) Lim, Managing Director of APAC for BitGo, emphasized the significance of Singapore’s regulatory approach, saying, “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 center, 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.”

This regulatory milestone underscores BitGo’s commitment to delivering regulated, secure, and trusted solutions globally, providing a solid foundation for its role in the evolving digital asset landscape.