BitGo, a prominent player with a decade-long presence in the cryptocurrency custody arena, has secured in-principle approval from Singapore’s top financial regulator for a Major Payment Institution (MPI) license. This regulatory milestone, once fully granted, will empower BitGo Singapore Pte. Ltd., the company’s local subsidiary, to offer regulated digital payment token services within the jurisdiction.
Singapore has witnessed over a dozen entities, including industry giants like Coinbase, Crypto.com, and Ripple, obtaining full MPI licenses. The country seeks to strike a delicate balance between fostering innovation and ensuring protective regulations, aiming to promote technology while minimizing speculative risks.
In a statement released today, the company expressed its strategic view of Singapore as a pivotal hub for crypto innovation. The company emphasized that operating a crypto brokerage in the country positions it as a leading provider of digital asset services for institutional finance across the Asia-Pacific (APAC) region.
Currently offering digital asset wallet and custody solutions in Singapore, BitGo plans to expand its services to enable clients to buy and sell crypto using its cold storage custody solution housed within a class III vault upon receiving the full license.
Hobeng Lim, managing director of APAC for BitGo, highlighted the Monetary Authority of Singapore’s forward-looking and risk-proportionate regulatory framework as well as Singapore’s status as a financial center and business gateway to APAC as key factors driving BitGo’s commitment to establish Singapore as its regional headquarters.
BitGo Becomes First Custodian To Support Coreum Ecosystem
Meanwhile, in another layer of excitement, the company has become the inaugural custodian to support the Coreum Ecosystem. Coreum, a layer-1 blockchain designed to cater to enterprises of varying sizes, has entered into a partnership with BitGo. This collaboration is anticipated to accelerate Coreum’s network expansion by providing a secure gateway to its advanced technology for established institutions globally.
Coreum’s developer-centric approach and infrastructure are engineered for the rapid deployment of decentralized applications, ensuring optimal performance and adaptability to diverse enterprise needs.
By integrating BitGo’s custody services, Coreum adds an extra layer of security, connecting with a robust network of institutions to facilitate the broader adoption of blockchain technology in various sectors. Coreum’s technology offers novel solutions, including custom payments, rewards programs, tokenization of equity and securities, and peer-to-peer insurance products, shaping the future of programmable blockchain assets.
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