According to Foresight News, cryptocurrency custodian BitGo has received in-principle approval for a Major Payment Institution License from Singapore's financial regulator through its subsidiary in the country. Once the full license is obtained, BitGo's Singapore subsidiary, BitGo Singapore Pte. Ltd., will be able to provide regulated digital payment token services in the city-state.
The company currently offers digital asset wallet and custody solutions in Singapore and plans to expand its services after obtaining the complete license. This will allow customers to buy and sell cryptocurrencies from its cold storage custody solution built within a tier-3 vault.