California-based cryptocurrency exchange BitGo has announced the launch of a subsidiary in Singapore three months after obtaining a license from the Monetary Authority of Singapore (MAS).
Launch of BitGo Singapore
Nov. 21 marked the official launch of BitGo Singapore, a locally regulated subsidiary dedicated to providing digital asset custody, trading, settlement and token management services in the Asia Pacific (APAC) region. Youngro Lee, CEO of BitGo Singapore, expressed his intent to maintain strict regulatory standards while serving the APAC crypto ecosystem.
Using Singapore as an Entry Point for Asian Markets
Singapore stands out as a key crypto hub in Asia, given its regulatory clarity. Its strategic location allows better access to Southeast Asia. BitGo has partnered with Wintermute to expand its Singapore business. Yoann Turpin, Wintermute co-founder, stated the collaboration primarily serves BitGo Singapore’s institutional market. CITE_W_A
Singapore Authorities Experiment with Tokenized Funds
BitGo aims to support and promote the growth of the digital assets industry with its new APAC presence. Earlier, the MAS unveiled an initiative for asset tokenization commercialization. MAS deputy managing director Leong Sing Chiong mentioned that over 40 institutions have run more than 15 trials across seven jurisdictions. CITE_NA
The launch of BitGo Singapore marks a pivotal step in the company's expansion in the APAC region, showcasing Singapore's importance as a crypto hub and the efforts to enhance regulatory clarity in the industry.
