BitGo receives in principle approval to operate in Singapore

The approval allows BitGo to operate and offer digital payment token services to clients in Singapore while waiting for the complete licence.

The MPI licence exempts companies from transaction limits of SGD 3 million (USD 2.2 million) for any payment service, as well as the SGD 6 million (USD 4.4 million) monthly transaction limit for two or more payment services, excluding e-money account issuance and money-changing services.

Notable entities such as Coinbase, Crypto.com, and Ripple have previously secured complete MPI licences in Singapore, reflecting the country's commitment to balancing favourable regulations with investor protection and technology promotion.

In December 2023, BitGo was chosen by Hashdex as the Bitcoin custodian for its application to become an issuer of a spot exchange-traded fund (ETF) in the US. BitGo's financial achievements include a successful Series C financing round in August 2023, raising USD 100 million and bringing the company's valuation to USD 1.75 billion. The funds were intended for strategic acquisitions and the expansion of BitGo's regulated custody wallet and infrastructure solutions.

BitGo's licence in Germany 

This development follows BitGo's acquisition of a crypto custody licence in Germany from the German Federal Financial Supervisory Authority (BaFin) in November 2023. BitGo had been storing crypto assets for clients since 2019 under BaFin's supervision during a transitional regime before obtaining the BaFin licence.

Additionally, in 2021, the company obtained approval from the New York Department of Financial Services (NYDFS) for a New York trust charter. Germany has been actively supporting a productive environment for cryptocurrency custody and related services, positioning itself as a prominent player in Europe. To this end, the country has enacted laws to encourage banks and custody specialists to handle digital assets securely.

Representatives from BitGo Europe noted BaFin's influential role in shaping global crypto regulation, highlighting the importance of maintaining a secure regulatory framework. They also expressed satisfaction with the achievement of obtaining the crypto custody licence in Germany, stating that BitGo had diligently worked toward this goal. 

In March 2023, BitGo partnered with Coincover to allow clients to benefit from wallet access recovery. The two companies have been working together since 2019 to provide secure business continuity features to their institutional clients. This partnership allowed BitGo clients to recover their wallets securely by tapping Coincover in case they lose access to their keys.