BitGo, an American regulated digital asset custody firm, has achieved in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license, marking a significant milestone in its global expansion efforts.<h2 id="header-0">Extending global footprint</h2>In a recent <a href="https://x.com/BitGo/status/1744902415076462677?s&#61;20" rel="noopener noreferrer nofollow">social media post</a>, BitGo expressed its enthusiasm for the approval, positioning itself closer to providing specialized trading services for non-retail investors. The company sees this as an opportunity to extend its global footprint and offer regulated, secure and trusted solutions in the Asia-Pacific (APAC) region.Lim Ho Beng, BitGo&#39;s Asia-Pacific managing director, <a href="https://www.straitstimes.com/business/crypto-wallet-firm-bitgo-gets-singapore-regulator-nod" rel="noopener noreferrer nofollow">emphasized</a> Singapore&#39;s regulatory clarity regarding digital assets and its status as a leading innovation hub and gateway to the Asia-Pacific as key factors driving BitGo&#39;s expansion into the Republic.In a <a href="https://www.theblock.co/post/271148/bitgo-singapore-inprinciple-approval-digital-asset-license" rel="noopener noreferrer nofollow">statement</a> provided to The Block, the company outlined that in operating as a crypto brokerage in Singapore, that would position BitGo “as a leading provider of digital asset services for institutional finance throughout APAC.”<h2 id="header-1">Expanding service offering</h2>With the full license on the horizon, BitGo Singapore Pte. Ltd. is aiming to broaden its services in the city-state, facilitating institutional clients in purchasing and selling cryptocurrencies directly from its cold storage custody solution.BitGo CEO Mike Belshe acknowledged the significance of the MAS in-principle approval, particularly following the <a href="https://thepaypers.com/cryptocurrencies/bitgo-obtains-a-crypto-custody-licence-in-germany--1265263" rel="noopener noreferrer nofollow">recent acquisition</a> of the company&#39;s German license. Belshe emphasized the company&#39;s commitment to providing clients with regulated, secure and trusted solutions as it expands its global presence.<h2 id="header-2">Additional licensing success</h2>Before this achievement in Singapore, BitGo had already made notable strides in the global digital asset custody arena. The company secured a crypto custody license from Germany’s Federal Financial Supervisory Authority (BaFin), a crucial step in its European expansion strategy.BitGo Deutschland GmbH, established in 2020, initially operated under a transitional regime in Germany before obtaining the full license, aligning with the company&#39;s dedication to operating in regulatory-compliant markets.Dejan Maljevic, BitGo’s Managing European Director, commended BaFin&#39;s role as a global trendsetter in crypto regulation, providing a secure regulatory framework that facilitates progress in digital currencies.In addition to its presence in Germany, BitGo obtained approval from the New York Department of Financial Services (NYDFS) for the New York Trust Charter. This authorization allows BitGo to extend its custody services to a broader range of institutional clients in New York, further solidifying its position as a trusted player in the digital asset custody space.BitGo was one of the first crypto custodians to emerge in catering to institutional clients. It will compete with firms like Zodia Custody, a digital asset custodian backed by Japan’s SBI Holdings and British bank Standard Chartered, which <a href="https://coinnesslive.page.link/oFr3jTqqcpWTkTPg8" rel="noopener noreferrer nofollow">launched</a> its services in Singapore last September.In August, BitGo <a href="https://www.theblock.co/post/244055/bitgo-fundraise" rel="noopener noreferrer nofollow">raised</a> $100 million in Series C funding, based on a company valuation of $1.75 billion. The crypto custodian continues to navigate regulatory landscapes globally, emphasizing its commitment to offering secure and compliant solutions to institutional clients across various jurisdictions.

BitGo secures in-principle MPI license approval in Singapore

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