Crypto custodian BitGo has announced the launch of its Singaporean subsidiary following obtaining a local license from the Monetary Authority of Singapore.
On Thursday, Nov. 21, crypto custody firm BitGo announced the launch of a Singapore subsidiary to provide trading and settlement services, aiming to expand its presence in the Asia-Pacific region, according to a press release.
The move follows BitGo’s receipt of a Major Payment Institution License from Singapore’s Monetary Authority in August, allowing the firm to operate as a regulated provider of crypto services in the region. With the license secured, the subsidiary positions itself as the first full-service token management solution designed specifically for the APAC market.
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Singapore has positioned itself as a hub for cryptocurrencies with a regulatory framework led by MAS, including the Payment Services Act of 2019 and restrictions on promoting crypto services to the public.
Youngro Lee, chief executive of BitGo Singapore, emphasized the firm’s commitment to regulatory compliance, saying BitGo looks forward to “further strengthening the APAC digital assets ecosystem.” The crypto custodian now joins over 25 crypto firms, such as Coinbase and Ripple, that have secured full MPI licenses in the country as well.
Founded in 2013 by Mike Belshe, BitGo is a provider of digital asset security and custody services. The company secured $100 million in Series C funding, reaching a valuation of $1.3 billion.
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