Singapore – BitGo, the leading blockchain security and digital asset custody company, has recently announced that they have received in principle approval from the Monetary Authority of Singapore (MAS) to operate as a regulated provider for digital payment token services.
This approval makes BitGo one of the first companies to be granted such a license in Singapore, showcasing the growing importance of digital assets and financial technology in the region.
The Monetary Authority of Singapore is the central bank and regulatory authority responsible for overseeing and supervising the financial system of Singapore. By receiving this approval, BitGo is now on track to provide enhanced security and custodial solutions for various digital assets, including cryptocurrencies like Bitcoin and Ethereum, to institutional investors and businesses in Singapore.
The growing interest in cryptocurrencies and digital assets has led to an increased need for secure custodial solutions. BitGo, with its extensive experience and expertise in the field, aims to become a trusted partner for institutional investors and businesses looking to safeguard their digital assets.
Benefits of BitGo’s presence in Singapore:
- Enhanced Security: BitGo’s advanced security infrastructure ensures the protection of digital assets against potential threats such as hacking and theft.
- Regulatory Compliance: Operating under the approval of the Monetary Authority of Singapore ensures that BitGo adheres to the highest standards of regulatory compliance, providing clients with peace of mind.
- Industry-leading Technology: BitGo uses cutting-edge technology to provide secure storage and the seamless transfer of digital assets.
- Institutional-grade Custodial Solutions: BitGo’s custodial solutions cater to the needs of institutional investors, enabling them to manage their digital assets effectively.
This move by BitGo further solidifies the company’s commitment to global expansion and establishing a presence in Asia, enhancing their capabilities to serve clients in the region efficiently.
Mike Belshe, CEO of BitGo, expressed his enthusiasm, saying, “We are thrilled to have received in principle approval from the Monetary Authority of Singapore. Singapore has long been a hotbed for digital asset innovation, and this marks a significant milestone for BitGo as we expand our presence in the region.”
Singapore’s recognition of the importance of digital assets and cryptocurrencies, combined with BitGo’s expertise and commitment to security, makes this partnership a promising development for the digital asset industry.
About BitGo: BitGo is a leading blockchain security and digital asset custody company. With clients in over 50 countries, BitGo provides secure storage, custody, and liquidity solutions for digital currencies. Their robust infrastructure and industry-leading technology ensure the safe management of digital assets for individuals, institutional investors, and businesses.
Visit BitGo’s website for more information.