BitGo Bags Major Payment Institution Licence from Singapore's MAS

BitGo, a provider of digital asset infrastructure solutions, has secured the Major Payment Institution Licence from the Monetary Authority of Singapore (MAS).

This licence follows an in-principle approval granted several months ago. Singapore's clear and structured regulatory environment supports BitGo's aim to provide regulated and secure digital asset services in the region.

Expanding Regulated Custody Solutions

With this licence, BitGo can now offer regulated digital payment token services in Singapore. Clients will be able to buy and sell digital assets using BitGo's insured cold storage Cold Storage Cold storage is a computer system or mode of operation that is designed for the retention of inactive data, in this case private keys for cryptocurrencies. This helps put up resilient barriers against theft by hackers and malware, and is often a necessary security protocol especially dealing with large amounts of Bitcoin.In order to “own” a cryptocurrency, one must be in control of a cryptocurrency’s private keys. As such, private keys are long strings of random characters that can be used to se Cold storage is a computer system or mode of operation that is designed for the retention of inactive data, in this case private keys for cryptocurrencies. This helps put up resilient barriers against theft by hackers and malware, and is often a necessary security protocol especially dealing with large amounts of Bitcoin.In order to “own” a cryptocurrency, one must be in control of a cryptocurrency’s private keys. As such, private keys are long strings of random characters that can be used to se Read this Term custody solution, which is housed in a Class III vault.

The service includes access to deep liquidity Liquidity The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent Read this Term and a platform for trading and custody.

Mike Belshe, CEO of BitGo said: "Singapore is a leading financial centre in Asia. With this licence, we can meet the rising demands of clients with a diverse set of needs from fully regulated custody and trade to self-custody wallets. BitGo is the only company in the region offering the full set of services."

BitGo is pleased to announce that we have obtained the Major Payment Institution Licence from the Monetary Authority of Singapore.

We are committed to meeting the rising demands of client needs in Asia through regulated digital payment token services. This includes our… pic.twitter.com/4DAgKvLVVD

— BitGo (@BitGo) August 8, 2024

Enhancing Regional Operations

BitGo, with over a decade of experience, provides custody and financial solutions globally. This licence strengthens BitGo's presence in Asia and supports the growth and development of digital asset services in the region.

Youngro Lee, CEO of BitGo Singapore and Head of BitGo Asia commented: "This licence marks a new era for BitGo's international operations, enabling us to deliver unparalleled digital asset solutions to our clients in Asia and beyond. We look forward to working with MAS closely in the journey ahead."