In a strategic move to tap into Asia’s growing appetite for cryptocurrencies, leading US digital asset infrastructure provider BitGo has officially launched its services in Singapore. The expansion comes on the heels of the company securing a coveted license from the Monetary Authority of Singapore (MAS) in August, paving the way for a comprehensive suite of regulated crypto solutions in the city-state.
Upgrading Singapore’s Crypto Infrastructure
While BitGo has maintained a presence in Singapore since 2015, the recent regulatory green light has enabled the firm to significantly upgrade its local offerings. Institutional clients can now access a full spectrum of services, including:
- Regulated cold storage for over 1,100 digital assets
- 24/7 electronic and voice trading
- Real-time automated settlement
- Comprehensive token management solutions
These enhanced capabilities bring BitGo’s Singapore operations on par with its well-established services in the US and Europe, where the company already secures approximately 20% of all on-chain Bitcoin transactions by value.
Tapping Institutional Demand
According to BitGo Singapore CEO Youngro Lee, the expansion aims to capitalize on the growing interest from institutional investors in the region. “Many institutions in Singapore and Asia have approached crypto cautiously. They’ve engaged in a very limited way,” Lee explained in an interview. “We believe the market will grow over time, especially as the world trends toward digital asset adoption.”
Lee anticipates that increasing regulatory clarity and the global push towards cryptocurrencies will encourage more traditional investors and institutions to enter the space. “As more conventional players look to offer digital asset services, we expect to be one of their go-to partners in Singapore,” he added.
Singapore’s Crypto-Friendly Landscape
Singapore has emerged as a strong contender to become Asia’s regional crypto hub, thanks largely to its forward-thinking regulatory framework for digital asset service providers introduced in 2019. The MAS has since granted licenses to a select group of 29 companies, including well-known names like Coinbase, Circle, and Ripple.
“So far, we’ve had a great relationship and dynamic with the MAS, and that’s one of the reasons we decided to commit to building in Singapore.”
– Youngro Lee, CEO of BitGo Singapore
While BitGo’s Singapore team remains lean at under 20 employees, the company plans to scale up its local presence as market demand grows in the coming years.
Further Expansion on the Horizon
Beyond Singapore, BitGo is exploring additional expansion opportunities in crypto-friendly jurisdictions across Asia Pacific. The company already has a foothold in South Korea through strategic partnerships with local players Hana Financial and SK Telecom.
“We’re analyzing the different opportunities and challenges. Much of it depends on the regulatory environment and how effective and efficient the process will be for us to work with regulators,” Lee noted, emphasizing the importance of a supportive legal framework.
As the global crypto landscape continues to evolve, BitGo’s Singapore launch and its ambitious plans for the region underscore the growing institutional appetite for digital assets in Asia. With a robust regulatory foundation and a track record of success, the company is well-positioned to play a pivotal role in shaping the future of crypto custody and infrastructure in this dynamic market.
