In a significant move for the digital asset space in Asia, leading US-based cryptocurrency custody and infrastructure provider BitGo has officially launched its services in Singapore. The expansion comes on the heels of the company securing a Major Payment Institution License from the Monetary Authority of Singapore (MAS) in August of this year, paving the way for a broadened suite of regulated offerings for institutional clients in the region.
Bringing Institutional-Grade Crypto Services to Singapore
While BitGo has maintained a presence in Singapore since 2015, the company’s activities were previously limited in scope due to regulatory constraints. However, with the newly acquired license from MAS, BitGo is now positioned to provide a comprehensive range of products that mirror its offerings in Europe and the US, including:
- Regulated cold storage for over 1,100 digital assets
- 24/7 electronic and voice trading
- Real-time automated settlements
- Full-service token management solutions
These enhanced capabilities are expected to cater to the growing demand from institutional clients operating in Singapore, particularly those seeking regulated infrastructure services. According to Youngro Lee, CEO of BitGo Singapore, much of the current crypto activity in the city-state stems from non-traditional institutions such as venture capital funds, hedge funds, family offices, and high-net-worth individuals.
“Many institutions in Singapore and Asia aren’t T doing [crypto]. There are some traditional institutions working with digital assets, but in a limited way,” Lee noted, adding that BitGo aims to be a trusted partner as more conventional players look to enter and engage with the digital asset space.
– Youngro Lee, CEO of BitGo Singapore
Singapore’s Appeal as a Crypto Hub
Singapore has emerged as a strong contender for the title of Asia’s preeminent crypto hub, thanks in part to the introduction of a regulatory framework for digital asset service providers in 2019. However, despite hundreds of applications, only 29 companies are currently listed on the MAS website as holding an MPI license for digital payment token services, including well-known crypto firms such as Coinbase, Circle, OKX, Paxos, and Ripple.
For BitGo, the decision to double down on its Singapore operations was driven by the positive relationship and dynamics the company has established with MAS. While the BitGo team in Singapore remains small – under 20 individuals – the company expects to grow its local presence as market demand increases in the coming years.
Eyeing Further Expansion Across Asia
In addition to its Singapore subsidiary, BitGo maintains operations in South Korea, where local firms Hana Financial and SK Telecom hold 25% and 10% stakes in the company, respectively. Looking ahead, BitGo is considering further expansion into other APAC jurisdictions, with a keen eye on the regulatory landscape and the effectiveness of processes for collaborating with local authorities.
“At this point, we don’t have specific plans, but we’re clearly looking at various opportunities and challenges. A lot of it hinges on the regulatory environment and how effective and smooth the process is for us to work with regulators,” Lee explained.
– Youngro Lee, CEO of BitGo Singapore
As cryptocurrency adoption continues to gain traction among institutional players, BitGo’s expansion into Singapore signals a growing demand for secure, regulated digital asset infrastructure in Asia. With its sights set on becoming a leading provider of custody and trading solutions in the region, BitGo’s move underscores the increasing importance of Singapore as a global crypto hub and could spur further growth and innovation in the space.
