By Anjali Kochhar
BitGo, a leading infrastructure provider of digital asset solutions, has achieved a significant milestone by obtaining the Major Payment Institution Licence (MPI) from the Monetary Authority of Singapore (MAS). This license, granted to BitGo on August 10, 2024, marks a substantial step forward for the company as it strengthens its foothold in Asia and enhances its regional presence.
Founded in 2013, BitGo was a pioneer in targeting institutional clients with its comprehensive suite of services, which includes custody, wallets, staking, trading, financing, and settlement. The company’s solutions are underpinned by regulated cold storage, providing a secure environment for digital assets. The newly acquired MPI license allows BitGo to offer its clients in Singapore and the wider Asia-Pacific region an even greater range of services.
Mike Belshe, CEO of BitGo, highlighted the significance of the license, stating, “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.” This development reflects BitGo’s commitment to catering to the evolving needs of institutional clients and enhancing the safety and security of digital asset transactions.
Youngro Lee, CEO of BitGo Singapore and Head of BitGo Asia, emphasised the strategic importance of this milestone: “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.”
The MPI license not only bolsters BitGo’s presence in Asia but also supports the broader adoption of digital assets in the region. This move aligns with recent trends, such as Moomoo’s acquisition of a similar license, which underscores Singapore’s growing prominence as a hub for digital finance and innovation.
About the author
Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.
