As a seasoned crypto investor with over a decade of experience navigating the volatile and rapidly-evolving digital asset landscape, I find myself increasingly impressed by the strategic moves of established players such as BitGo. The launch of their Singapore subsidiary is yet another testament to the growing maturity of the crypto industry, with regulatory bodies like MAS stepping up to provide a clear framework for businesses to operate within.
In simple terms, BitGo, a company responsible for safeguarding cryptocurrencies, has unveiled the establishment of its new branch in Singapore after receiving the necessary permit from the country’s financial regulatory body, the Monetary Authority of Singapore.
On Thursday, November 21st, it was announced that BitGo, a company specializing in crypto custody, is setting up a new subsidiary based in Singapore. The goal is to offer trading and settlement services through this entity, with the aim of growing their influence in the Asia-Pacific region, as stated in an official press release.
The action is taken after BitGo obtained a Major Payment Institution License from Singapore’s Monetary Authority in August, enabling them to operate as a licensed provider of cryptocurrency services within the region. With the license now secured, the subsidiary aims to be the first comprehensive token management solution tailored for the APAC market.
Singapore has established itself as a key center for cryptocurrencies, with a regulatory structure guided by the Monetary Authority of Singapore (MAS). This includes the enactment of the Payment Services Act in 2019 and regulations limiting the advertising of crypto services to the general public.
Youngro Lee, head of BitGo Singapore, underscored their dedication to adhering to regulations, expressing enthusiasm for “enhancing the APAC digital asset network even more.” Now, BitGo has become one of over 25 digital currency companies, including Coinbase and Ripple, that have obtained full MPI licenses in the country.
Established in 2013 by Mike Belshe, BitGo offers digital asset security and custodial services. The firm recently acquired $100 million in Series C investment, boosting its worth to a staggering $1.3 billion.
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2024-11-21 10:17