BitGo Launches Singapore Subsidiary for Digital Asset Custody
Introduction of BitGo Singapore
On Thursday, US-based crypto custodian BitGo announced the opening of its subsidiary in Singapore, marking a significant step towards providing regulated token management services across the Asia Pacific region. This launch follows BitGo’s successful acquisition of the Major Payment Institution License from the Monetary Authority of Singapore (MAS) in August 2024, a move that underscores its commitment to compliant operations within the blockchain sector.
Comprehensive Custody Services for Institutional Clients
BitGo Singapore aims to offer institutional clients access to a robust trading platform that supports more than 1,100 digital assets. The platform is designed to facilitate secure digital asset trading directly from cold storage, ensuring maximum protection of client assets. Clients can engage with the platform through various interfaces, including API, user interface, and even voice trading, allowing for flexibility and convenience in executing trades.
Furthermore, BitGo Singapore has established connections with leading liquidity providers, ensuring clients benefit from competitive pricing. One of the key features of the platform is its automated settlement capability, which streamlines the trading process and enhances the efficiency of digital asset transactions for institutional clients.
“We are thrilled to launch BitGo Singapore and offer the APAC region a best-in-class suite of digital assets solutions and regulated infrastructure services,” commented Youngro Lee, CEO of BitGo Singapore, emphasizing the firm’s commitment to providing high-quality services tailored to the needs of institutional clients.
Strategic Partnership with Neutronpay
In addition to the launch news, BitGo has announced a partnership with Neutronpay, which will enable customers to leverage Bitcoin’s Lightning Network for sending and receiving payments. This partnership further enhances the functionalities available to BitGo clients, expanding their options for efficient and fast transactions within the cryptocurrency landscape.
Singapore’s Role as a Leading Crypto Hub
Singapore is solidifying its reputation as a prominent hub for cryptocurrency and blockchain technology, supported by the MAS’s proactive approach to regulation. In 2020, the introduction of the Payment Services Act (PSA) established a clear regulatory framework governing digital payment token services, including cryptocurrencies. This framework emphasizes anti-money laundering (AML) and counter-terrorism financing (CTF) measures while enabling crypto firms to obtain the necessary licenses to operate legally.
This regulatory clarity has attracted numerous crypto exchanges and fintech startups, providing a stable environment for growth. Singapore’s advantageous geographical positioning in Southeast Asia further enhances its appeal as a crypto hub, especially as strict regulations in neighboring countries, such as China, prompt businesses to explore more favorable options.
To date, 29 crypto companies—including well-known names like Blockchain.com, Circle, and Coinbase—have successfully secured full operational licenses in Singapore, reinforcing the city-state’s status as a prime location for cryptocurrency activity in the region.