BitGo Gets Provisional License in Singapore

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BitGo, a company that has been in the cryptocurrency custody business for a decade, has received initial approval from Singapore’s main financial regulator for a Major Payment Institution license through its subsidiary based in Singapore.

BitGo announced that once it obtains the full license, its subsidiary BitGo Singapore Pte. Ltd. will be able to offer regulated digital payment token services in Singapore.

According to BitGo, Singapore is an important hub for cryptocurrency innovation and operating a crypto brokerage in the country will establish BitGo as a leading provider of digital asset services for institutional finance in the Asia-Pacific region.

A BitGo spokesperson informed The Block that the company currently provides digital asset wallet and custody solutions in Singapore.

Once it obtains the full license, BitGo plans to expand its services to include buying and selling crypto through its cold storage custody solution built within a class III vault.