Crypto custodian BitGo has announced the launch of its Singapore subsidiary after obtaining a local license from the Monetary Authority of Singapore.
On Thursday (November 21), cryptocurrency custody company BitGo announced the launch of a subsidiary in Singapore to provide trading and settlement services, with the aim of expanding its presence in the Asia-Pacific region, according to a press release.
The move follows BitGo obtaining a major payment institution license from the Monetary Authority of Singapore in August, allowing the company to operate as a regulated crypto services provider in the region . Once the license is obtained, the subsidiary positions itself as the first complete token management solution designed specifically for the APAC market.
Singapore has positioned itself as a cryptocurrency hub with a regulatory framework led by the MAS, including the Payment Services Act 2019 and restrictions on the promotion of crypto services to the public.
Youngro Lee, managing director of BitGo Singapore, highlighted the company’s commitment to regulatory compliance, saying BitGo hoped to “further strengthen the APAC digital assets ecosystem.” The crypto custodian now joins more than 25 crypto companies, such as Coinbase and Ripple, which have also obtained full MPI licenses in the country.
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.
