Crypto custodian BitGo has announced the launch of its Singaporean subsidiary following obtaining a local license from the Monetary Authority of Singapore.

BitGo Expands Presence in Asia-Pacific

On Thursday, Nov. 21, BitGo revealed the launch of its Singapore subsidiary to provide trading and settlement services. This move aims to expand BitGo’s presence in the Asia-Pacific region.

The launch follows BitGo’s receipt of a Major Payment Institution License from Singapore’s Monetary Authority in August. This license allows BitGo 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.

Singapore: A Hub for Cryptocurrencies

Singapore has established itself as a hub for cryptocurrencies with a robust regulatory framework led by the Monetary Authority of Singapore (MAS). This includes 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. Lee stated, BitGo looks forward to “further strengthening the APAC digital assets ecosystem.”

With this move, BitGo joins over 25 crypto firms, such as Coinbase and Ripple, that have secured full MPI licenses in the country.

About BitGo

Founded in 2013 by Mike Belshe, BitGo is a leading provider of digital asset security and custody services. The company secured $100 million in Series C funding, reaching a valuation of $1.3 billion.

For more news on cryptocurrency developments and updates, explore more articles on Global Crypto News.

#TradingStrategy #CryptoMarket

Post Views: 0