This license enables BitGo to provide customers with secure digital asset trading and custody solutions.
The regulatory milestone that BitGo has reached is a significant one. The company has taken a significant step toward expanding its presence in the Asian market by obtaining the highly sought-after Major Payment Institution License from the Monetary Authority of Singapore (MAS).
BitGo’s Regulatory Achievement in Singapore
BitGo, a prominent provider of solutions for digital assets, has been able to successfully secure the Major Payment Institution License from the Monetary Authority of Singapore (MAS).
The company received approval in principle a few months ago and this new development marks a significant milestone in the company’s efforts to expand into the Asian market.
The new license, which is noteworthy, enables them to provide regulated digital payment token services in Singapore. By utilizing their insured cold storage custody solution, which is held in a class III vault, customers will now have the ability to buy and sell digital assets.
In addition to the industry-leading trading and custody services, the platform that the company will offer will also provide aggregated deep liquidity. The Chief Executive Officer, Mike Belshe, has reiterated the importance of Singapore as a financial center in Asia.
He noted that the license enables them to meet the diverse needs of their customers, including fully regulated custody and trade, as well as self-custody wallets. This puts them in a position to be the only firm in the region that offers such a broad range of services.
This most recent incident has prompted a number of additional remarks. According to Youngro Lee, who currently serves as the Chief Executive Officer of the Singapore branch and Head of Asia, the license marks the beginning of a new era for their corporate operations in other countries.
Legal Victory in Galaxy Digital Lawsuit
He voiced his excitement about the prospect of collaborating closely with MAS in the years to come. In addition to the MAS certification, BitGo has achieved other significant victories this year.
In May, they were successful in a legal struggle with Galaxy Digital, which resulted in a substantial victory for them. The Supreme Court of Delaware allowed an appeal they filed against Galaxy Digital, overturning an earlier dismissal from the Delaware Court of Chancery in June 2023.
The court’s confirmation of the “ambiguous” language in the merger agreement between Galaxy Digital and the digital asset providers necessitated the consideration of extraneous material to resolve the disagreement.
This verdict challenged Galaxy’s claim of a “clean termination right,” citing BitGo’s alleged failure to deliver timely audited financial statements for 2021. This ruling challenged Galaxy’s claim.
