BitGo has secured the Major Payment Institution License from the Monetary Authority of Singapore (MAS), according to a recent press release from the firm.
The license positions BitGo as an authorized entity to offer regulated digital payment token services within Singapore. According to the release, Singaporeans will benefit from the security provided by BitGo’s insured cold storage custody solution, housed within a Class III vault, alongside access to deep liquidity and a leading platform for trading and custody.
Youngro Lee, CEO of BitGo Singapore and Head of BitGo Asia, emphasized the license’s significance in expanding BitGo’s global footprint and assuring enhanced digital asset solutions for clients across Asia and beyond. Lee also expressed enthusiasm about collaborating closely with MAS to ensure their services are fully regulated.
Meanwhile, Mike Belshe, CEO of BitGo, highlighted Singapore’s position as a central financial hub in Asia, noting that the licence allows BitGo to cater to a wide range of client needs, including regulated custody, trading, and self-custody solutions.
“BitGo is now the only company in the region offering a comprehensive suite of services,”
Belshe stated.
In a parallel development, HashKey Group’s OTC trading arm recently secured the Major Payment Institution (MPI) license from Singapore’s regulatory body. With this licensing triumph, HashKey OTC is now authorized to deliver regulated Digital Payment Token (DPT) services in Singapore, solidifying its position as a premier provider in the country’s regulated OTC trading domain.
“With the Major Payment Institution licence from MAS, HashKey OTC is now fully equipped to deliver comprehensive and regulated OTC trading solutions for DPT,”
said Li Liang, CEO of HashKey OTC.
Similarly, Hex Trust, a leading digital asset custodian, received in-principle approval for a Major Payment Institution (MPI) licence from Singapore’s financial regulator. The approval was announced on July 24, and it allowed Hex Trust to offer regulated Digital Payment Token services, including custody and OTC trading.
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