The company BitGo, specializing in cryptocurrency custody with a decade of experience in the field, recently received preliminary approval from Singapore's chief financial regulator for a major payment institution license. This approval was granted to the company's local subsidiary.

Upon receiving the full license, BitGo Singapore Pte. Ltd., a subsidiary of BitGo in Singapore, will be able to provide regulated services in the digital payment token space in the city-state. BitGo highlighted the significance of Singapore as a hub for cryptocurrency innovation and emphasized that managing cryptocurrency brokerage activities in Singapore positions the company as a leader in providing digital asset services to institutional investors in the Asia-Pacific region.

Currently, BitGo already offers wallet and digital asset custody solutions in Singapore. With the full license, the company plans to expand its services, allowing customers to buy and sell cryptocurrency directly from their cold storage systems.

Hoben Lim, Managing Director of BitGo in the Asia-Pacific region, underscored that Singapore's progressive and balanced regulatory framework for digital assets, along with its status as a financial and innovation hub, are key factors driving BitGo's commitment to strengthening its presence in Singapore.

In August 2023, BitGo, based in California, raised $100 million in a Series C funding round, valuing the company at $1.75 billion.