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.
Clients Gain Competitive Edge with Access to Aggregated Deep Liquidity
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, 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."
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."
This article was written by Tareq Sikder at www.financemagnates.com.
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