U.S.-based cryptocurrency custodian BitGo announced Thursday the launch of its Singapore subsidiary, offering regulated token management services in the broader Asia-Pacific region.
The launch follows BitGo’s obtaining a primary payment institution license from the Monetary Authority of Singapore in August 2024. The platform said its escrow service now handles more than 1,100 digital assets.
BitGo Singapore allows customers to access deep liquidity directly from a cold storage facility. Its trading platform is accessible via API, user interface or voice trading. The platform connects with leading liquidity providers to ensure competitive pricing.
The platform also enables automated settlement, allowing institutional clients to trade and settle digital assets safely and efficiently.
“We are excited to launch BitGo Singapore and offer the APAC region a best-in-class suite of digital asset solutions and regulated infrastructure services,” – BitGo Singapore CEO Youngro Lee said.
The announcement also revealed that BitGo has entered into a partnership with Neutronpay. This partnership allows customers to send and receive payments using the Lightning Bitcoin network .
Singapore strengthens its position as a cryptocurrency hub with strategic connectivity
MAS, the country’s financial regulator, has taken a proactive but cautious approach to cryptocurrencies. In 2020, it introduced the Payment Services Act (PSA). The law created a clear regulatory framework for digital payment token (DPT) services, including cryptocurrencies.
The law focuses on anti-money laundering (AML) and counterterrorist financing (CTF), while providing a legal path for cryptocurrency companies to obtain licenses. This regulatory clarity has attracted many cryptocurrency exchanges and fintech startups looking for a stable environment to grow.
Singapore’s prime location in Southeast Asia offers strategic connectivity to major Asian markets, such as China, where strict regulations on cryptocurrency trading have forced companies to seek alternative hubs.
To date, 29 cryptocurrency companies, including Blockchain.com, Circle and Coinbase, have been fully licensed to operate in Singapore.
