BitGo Launches Singapore Subsidiary to Enhance APAC Digital Asset Services
Digital asset services provider BitGo has launched a subsidiary in Singapore to enhance its presence in the Asia-Pacific (APAC) region. This expansion addresses the increasing demand for secure and regulated digital asset solutions.
BitGo Singapore will offer additional services compared to its parent company, including cold storage for over 1,100 digital assets, voice trading, automated settlement, and token management. These services are aimed at foundations, protocols, and organizations seeking secure and compliant solutions.
BitGo Singapore Eyes Full Regulatory Compliance
Youngro Lee, CEO of BitGo Singapore, emphasized the company's commitment to accountability and adherence to high regulatory and service standards. He stated:
“Our team is committed to providing our clients with the highest quality products and services while maintaining strict regulatory standards. We look forward to further strengthening the APAC digital assets ecosystem.”
Lee's statement reflects BitGo’s ongoing efforts to build on previous regulatory achievements. In August, BitGo secured a Major Payment Institution (MPI) License from the Monetary Authority of Singapore (MAS), allowing it to provide digital asset services without regulatory issues. This license is crucial for ensuring the new subsidiary operates with full regulatory compliance and market credibility.
BitGo's journey toward regulatory approval began in January, when it received in-principle approval for the license, leading to its successful expansion into Singapore.
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Singapore has emerged as a global center for digital asset innovation due to its clear regulatory framework and supportive policies that encourage innovation. BitGo’s expansion reflects its confidence in the market's potential.