BitGo launches subsidiary in Singapore to boost services in APAC

Crypto custodian BitGo has announced the establishment of its subsidiary in Singapore after obtaining a local license from the Monetary Authority of Singapore.

According to a press release, on Thursday, November 21, crypto custody company BitGo announced the establishment of a subsidiary in Singapore that will provide trading and exchange services, aiming to expand its presence in the Asia-Pacific region.

The move comes after BitGo received a Major Payments Institution License from the Monetary Authority of Singapore in August, allowing the firm to operate as a regulated crypto services provider 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 has positioned itself as a hub for cryptocurrencies with the MAS-led regulatory framework, including the Payment Services Act 2019 and restrictions on the public promotion of crypto services.

BitGo Singapore CEO Youngro Lee emphasized the firm’s commitment to regulatory compliance, saying BitGo looks forward to “further strengthening the APAC digital asset ecosystem.” The crypto custodian now joins more than 25 crypto firms such as Coinbase and Ripple that have received full MPI licenses in the country.

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