In a significant move for the Asia-Pacific crypto landscape, leading US digital asset infrastructure provider BitGo has officially launched its regulated services in Singapore. The expansion comes on the heels of the company securing a major payment institution (MPI) license from the Monetary Authority of Singapore (MAS) in August.
Expanding Institutional Crypto Services in Singapore
While BitGo has maintained a presence in Singapore since 2015, the MPI license enables the company to offer a significantly broader range of regulated services to institutional clients in the city-state. These include:
- Regulated cold storage for over 1,100 digital assets
- 24/7 electronic and voice trading
- Real-time automated settlement
- Full-service token management solutions
According to Youngro Lee, CEO of BitGo Singapore, the expansion aims to capitalize on growing demand from institutional clients in the region for regulated crypto infrastructure services. “Many institutions in Singapore and Asia haven’t really done much [in crypto],” Lee noted in an interview. “Some traditional institutions have engaged with digital assets, but in a very limited way.”
We believe the market will grow over time, especially with the U.S. elections and the global trend towards digital asset adoption, particularly Bitcoin. Traditional investors and institutions will want to both offer and engage in digital asset services, and we hope to be one of the partners in Singapore.
Youngro Lee, CEO of BitGo Singapore
Singapore’s Emergence as a Regional Crypto Hub
Singapore has emerged as a serious contender for the title of Asia’s regional crypto hub, thanks in part to the introduction of a regulatory framework for crypto 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.
BitGo joins a select group of well-known crypto companies that have secured the coveted license, including Coinbase, Circle, OKX, Paxos, and Ripple. While BitGo’s Singapore team remains small, with fewer than 20 employees, the company plans to expand its local presence as market demand grows in the coming years.
Eyeing Further Asia-Pacific Expansion
In addition to its Singapore subsidiary, BitGo also has operations in South Korea, where local firms Hana Financial and SK Telecom hold 25% and 10% stakes, respectively, in its local entity. The company is also exploring opportunities to expand into other Asia-Pacific regions, with a keen eye on regulatory developments.
We don’t have specific plans yet, but we’re obviously looking at different opportunities and challenges. It largely depends on the regulatory environment and the effectiveness of the process of engaging with regulators.
Youngro Lee, CEO of BitGo Singapore
Lee emphasized the importance of BitGo’s positive relationship with the MAS, citing it as a key factor in the company’s decision to build its presence in Singapore. As the crypto industry continues to mature and institutional demand grows, BitGo’s expansion in Singapore and potential further forays into the Asia-Pacific market could play a significant role in shaping the region’s crypto landscape.
