BitGo expands its global operations by obtaining a regulatory license in Singapore, allowing it to offer digital payment token services.
Points
- BitGo receives a regulatory license in Singapore to offer digital payment token services.
- The license allows BitGo to provide a wide range of payment services without transaction limits.
- BitGo aims to enhance its digital asset solutions for clients in Asia and beyond.
California-based cryptocurrency custody firm BitGo is expanding its global operations by obtaining a regulatory license in Singapore, one of the world’s most crypto-friendly countries. The Major Payment Institution （MPI） license, granted by the Monetary Authority of Singapore （MAS）, allows BitGo to offer a wide range of payment services, including digital payment token services, without being subject to transaction limits imposed on smaller entities.
With this new license, BitGo is now officially allowed to provide regulated digital payment token services, such as custody and trading, in Singapore. This marks a significant milestone for BitGo, enabling the firm to deliver unparalleled digital asset solutions to its clients in Asia and beyond.
“This license marks a new era for BitGo’s international operations, enabling us to deliver unparalleled digital asset solutions to our clients in Asia and beyond,” stated BitGo Singapore CEO Youngro Lee.
Singapore has emerged as a significant hub for cryptocurrency and blockchain technology, known for its cautious yet progressive approach to developing as a crypto hub. According to BitGo CEO Mike Belshe, Singapore is a leading financial center in Asia, providing a diverse set of services from regulated custody and trade to self-custody wallets.
The license enhances BitGo’s ability to meet the rising demands of clients with diverse needs, from fully regulated custody and trade to self-custody wallets. BitGo now stands out as the only company in the region offering a full set of services, reinforcing its position as a leader in the digital asset space.
解説
- Major Payment Institution （MPI） license: A regulatory license granted by the Monetary Authority of Singapore （MAS） that allows companies to provide a wide range of payment services without transaction limits.
- Digital payment token services: Services related to the issuance, transfer, or custody of digital tokens used for payment.
- Self-custody wallets: Digital wallets where users have full control over their private keys and funds without relying on third-party custody services.