BitGo, a decade-old crypto custody business, has obtained in-principle approval from Singapore’s top financial regulator for a Major Payment Institution license through its local entity.

The company said today in a statement shared with The Block that, once granted the full license, BitGo Singapore Pte. Ltd., its subsidiary in Singapore, would be able to offer regulated digital payment token services in the city-state.

BitGo noted in the statement that it views Singapore as an important hub for crypto innovation and that operating a crypto brokerage in the country “positions BitGo as a leading provider of digital asset services for institutional finance throughout APAC.”

A BitGo spokesperson told The Block that the company currently offers digital asset wallet and custody solutions in …