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BitGo Singapore has launched with a regulatory license, aiming to meet institutional demand in Asia with custody and trading services.
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California-based cryptocurrency exchange BitGo has announced the launch of a subsidiary in Singapore three months after obtaining a major payment institution license from the Monetary Authority of Singapore (MAS).
Nov. 21 marked the official launch of BitGo Singapore, a locally regulated subsidiary of BitGo dedicated to providing digital asset custody, trading, settlement and token management services in the Asia Pacific (APAC) region.
In an announcement shared with Cointelegraph, Youngro Lee, CEO of BitGo Singapore, shared his intent to maintain strict regulatory standards while serving the APAC crypto ecosystem.
Source: BitGo
From the get-go, BitGo Singapore promises regulated custody, high liquidity for electronic and voice trading, automated settlement and token management services.
Using Singapore as an entry point for Asian markets
When it comes to geographical expansion, Singapore stands out as a key crypto hub in Asia, considering its willingness to provide regulatory clarity and operational licenses. In addition, Singapore’s location allows easier access to Southeast Asia, which currently has a high demand for institutional-grade crypto solutions.
BitGo partnered with algorithmic trading firm Wintermute to expand its Singapore business. However, the exact terms of the alliance were not revealed during the announcement.
BitGo did not immediately respond to Cointelegraph’s request for comment.
Related: Singapore, Hong Kong and UAE lead in crypto adoption: Report
According to Wintermute co-founder Yoann Turpin, the collaboration between the two firms will primarily serve BitGo Singapore’s institutional market. He added:
“By working together, we aim to build a more robust environment for institutions and drive meaningful growth across APAC’s digital asset markets.“
Singapore authorities experiment with tokenized funds
BitGo plans to build on its new APAC presence to support and propel the growth of the digital assets industry.
Earlier in November, the MAS announced a multipronged effort to advance the commercialization of asset tokenization. In doing so, the authority introduced new frameworks to provide guidance.
Source: Chainlink
MAS deputy managing director Leong Sing Chiong said that as part of Project Guardian, over 40 institutions have conducted more than 15 trials across seven jurisdictions using six currencies.
“No one has really succeeded in achieving scale. Many promising use cases have not yet gained industry-wide traction. Further, there is a need for supporting infrastructure to enable good use cases to scale beyond individual networks,” he added.
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This article first appeared at Cointelegraph.com News
