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Highlights
- BitGo has obtained the Major Payment Institution Licence from Singapore’s Monetary Authority, enabling it to offer regulated digital payment token services.
- The licence allows BitGo to provide buying, selling, and custody of digital assets through its insured cold storage solution and deep liquidity platform.
- The achievement marks a critical step in BitGo’s strategy to expand its footprint in the Asian market, with significant implications for its international operations and client services.
BitGo has achieved a major regulatory milestone. The company has secured the coveted Major Payment Institution License from the Monetary Authority of Singapore (MAS), marking a crucial step in its expansion into the Asian market.
BitGo’s Regulatory Achievement in Singapore
BitGo, a leading provider of digital asset solutions has successfully obtained the Major Payment Institution License from the Monetary Authority of Singapore (MAS). This development follows the company’s in-principle approval received several months ago and marks a significant milestone in the their expansion into the Asian market.
Notably, the new license allows them to offer regulated digital payment token services in Singapore. Clients will now have access to buying and selling digital assets through their insured cold storage custody solution, housed within a class III vault. The company’s platform will provide aggregated deep liquidity alongside its industry-leading trading and custody services.
The CEO Mike Belshe has reiterated Singapore’s importance as a leading financial center in Asia. He stated that the license enables them to meet diverse client needs, from fully regulated custody and trade to self-custody wallets, positioning them as the only company in the region offering such a comprehensive range of services.
Other comments have come up in the wake of this recent development. Youngro Lee, current CEO of the Singapore branch and Head in Asia, described the license as the beginning of a new era for their international operations. He expressed enthusiasm about working closely with MAS in the future.
Legal Victory in Galaxy Digital Lawsuit
The MAS approval has not been the only major win for BitGo this year. They achieved a significant legal victory in a dispute with Galaxy Digital in May. The Delaware Supreme Court granted them an appeal in a lawsuit against Galaxy Digital, overturning a previous dismissal by the Delaware Court of Chancery in June 2023.
The court affirmed that the language in the merger agreement between the digital asset providers and Galaxy Digital was “ambiguous,” necessitating the consideration of extrinsic evidence to resolve the conflict. This ruling went on to challenge Galaxy’s claim of a ‘clean termination right’ based on BitGo’s alleged failure to provide timely audited financial statements for 2021.
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