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BitGo Licence in Singapore Now Approved for Digital Token Services

Key Points:

BitGo has obtained a Major Payment Institution Licence from Singapore’s Monetary Authority.
The BitGo licence in Singapore allows the company to provide clients with secure transactions through its announced cold storage solution and access to deep liquidity on its trading platform.

Cryptocurrency custodian firm BitGo announced that it has received the nod from the Monetary Authority of Singapore in respect of granting the firm a licence under its general payment institution licence, further empowering BitGo to render regulated digital payment token services for custody and trading in Singapore.

With BitGo Licence in Singapore, Digital Token Services Are Now Supported

The BitGo licence in Singapore would authorize business conduct for the company to offer regulated digital payment token services in terms of custody and trading.

Under the new licence, BitGo will offer secure digital-asset transactions to clients via its insured custody solution, extremely secure Class III vaults, deep liquidity access, and the best platform for trading and custody services.

The licence will continue to give greater traction in the Asian market to BitGo and further help digital asset participants with its robust solutions for the cause of industry advancement. Earlier this year, there was a principal nod-in from the Singapore financial regulator for this license through a local branch.

Singapore’s Regulatory Boost for the Digital Asset Industry

Apart from BitGo licence in Singapore, other major players have also won licences in Singapore, including Coinbase, Crypto.com, and Ripple. Singapore offers an even better setting with the right regulatory balance between technological advancement and the protection of investors.

Hashdex, back in December 2023, announced BitGo as the Bitcoin Custodian for its application to launch a spot ETF in the U.S. The spot Bitcoin ETF got the nod from the U.S. Securities and Exchange Commission by January 10, 2024.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.