In a significant development for the Asian crypto landscape, leading US digital asset infrastructure provider BitGo has officially launched its services in Singapore. The move comes on the heels of the company receiving a coveted license from the Monetary Authority of Singapore (MAS) in August, paving the way for BitGo to offer a comprehensive suite of institutional-grade crypto solutions in the city-state.
Expanding Institutional Offerings in Singapore
While BitGo has maintained a presence in Singapore since 2015, the company’s offerings were previously limited due to regulatory constraints. However, armed with the Major Payment Institution (MPI) license from MAS, BitGo Singapore is now poised to provide a full range of products and services that will align its local offerings with those available in Europe and the US.
In addition to its existing custody and wallet services, BitGo will now offer:
- Regulated cold storage for over 1,100 digital assets
- 24/7 electronic and voice trading
- Real-time automated settlement
- Comprehensive token management solutions
Meeting Growing Institutional Demand
According to Yangro Lee, CEO of BitGo Singapore, the expansion aims to cater to the increasing appetite for regulated crypto infrastructure among institutional clients operating in the city. “Many institutions in Singapore and Asia haven’t really done a lot in crypto. There have been some traditional institutions that have worked with digital assets, but in a very limited form,” Lee explained.
Lee noted that much of the activity in Singapore stems from “non-traditional institutions” such as investment funds, venture funds, hedge funds, family offices, and high-net-worth individuals. As the global adoption of digital assets, particularly Bitcoin, continues to gain momentum, Lee anticipates that more traditional investors and institutions will seek to offer and participate in crypto services.
“We believe that over time, the market will be growing, especially with the US elections and the way the world is trending towards adoption of digital assets, particularly Bitcoin. More traditional investors and traditional institutions will want to both offer digital asset services and also participate in them, and we hope to become one of the partners in Singapore.”
– Yangro Lee, CEO of BitGo Singapore
Singapore’s Emergence as a 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. Despite hundreds of applications, only 29 companies are currently listed on the MAS website as holding an MPI for digital payment token services. This exclusive club includes well-known crypto players such as Coinbase, Circle, OKX, Paxos, and Ripple.
Although BitGo’s Singapore team remains small, with fewer than 20 employees according to Lee, the company plans to expand its local workforce as market demand grows over the next few years. BitGo also maintains operations in South Korea, where Hana Financial and SK Telecom hold 25% and 10% stakes in the local entity, respectively.
Eyes on Further Asia-Pacific Expansion
Looking ahead, BitGo is considering further expansion into other Asia-Pacific regions. “We don’t have specific plans yet, but obviously we are looking at different opportunities and challenges. A lot depends on the regulatory environment and how efficient and effective the process will be for us to work with regulators,” Lee stated.
The company’s positive experience with MAS has been a key factor in its decision to establish a strong foundation in Singapore. As the demand for regulated crypto infrastructure continues to grow across Asia, BitGo is well-positioned to capitalize on the region’s burgeoning digital asset ecosystem, with Singapore serving as a strategic launchpad for future expansion.
“So far, we’ve had great relationships and great dynamics with MAS, and that’s one of the reasons why we decided to start building in Singapore.”
– Yangro Lee, CEO of BitGo Singapore
As the crypto industry matures and institutional adoption accelerates, the importance of regulated, secure, and reliable digital asset infrastructure cannot be overstated. With its official launch in Singapore and ambitious plans for regional growth, BitGo is poised to play a pivotal role in shaping the future of Asia’s crypto landscape.
