Jan 10, 2024
Crypto wallet firm BitGo gets Singapore regulator nod
SINGAPORE - American digital asset custody firm BitGo’s Singapore arm is one step closer to offering non-retail investor trading as it waits to receive its full licence from the regulator. The firm said on Jan 10 it had been granted in-principle approval from the Monetary Authority of Singapore (MAS) for a major payment institution licence. When it gets the full licence, the firm plans to expand its offerings in Singapore so that institutional clients can buy and sell cryptocurrencies from the firm’s insured cold storage custody solution. Cold storage refers to storing cryptocurrency private keys offline in devices. Mr Lim Ho Beng, BitGo’s Asia-Pacific managing director, said Singapore’s regulatory clarity around digital assets, and its position as a leading innovation hub and gateway to Asia-Pacific are key factors driving the expansion to the Republic. The firm, founded in California in 2013, launched crypto trading in the United States in 2020. Mr Mike Belshe, its chief executive, said the MAS in-principle approval came on the heels of the firm getting its German licence. “We look forward to expanding our global footprint and providing our clients with regulated, secure and trusted solutions,” he added. BitGo pioneered the multi-signature wallet – or a wallet that requires multiple keys – and is the first custodial company to focus on serving institutional clients. The group secures roughly 20 per cent of all on-chain Bitcoin transactions by value and supports more than 700 digital assets within its platform. It also provides security and operational support for more than 1,500 institutional clients in 50 countries.







