BitGo has extended its services to Singapore by establishing a regional subordinate hub. The branch establishment aligns with the exchange’s long-term agenda to ensure the widespread adoption of the digital project and maintain its relevance in the crypto space.
The subsidiary establishment news emerged in a November 20 press release. In the publicized document, Youngro Lee, CEO of BitGo Singapore Pte. Limited stated: “We are thrilled to launch BitGo Singapore and offer the APAC region a best-in-class suite of digital assets solutions and regulated infrastructure services. Our team will offer the highest-quality products and services while maintaining strict regulatory standards."
It is worth noting that BitGo, Singapore's branch, will offer conventional trading operations and other distinct services, like secure, regulated cold storage, seamless electronic and voice trading, automated settlement via BitGo Singapore’s Go network, and the first and only full-service token management solution.
BitGo Receives Institutional Licence From Singapore’s Monetary Authority
After several attempts to obtain a green card to establish permanently in Singapore, BitGo finally received its local license from the monetary authority in August. Hence, it can operate maximally under authorized supervision. By obtaining the local license, BitGo can offer its services and gain relevance in the Asia–Pacific (APAC) market.
For accountability, the governing body has mounted regulatory checks to track the firm's activities, including local and cross-border transactions. Therefore, the regulatory watchdog introduced various regulatory frameworks, including the Payment Service Act of 2019 to monitor BitGo in the best interest of the indigenous people.
BitGo Promises Compliance With The Regulatory Framework In Singapore
As expected, BitGo announced its submission to the ruling authority guiding cryptocurrency affairs in the region, stating its solidarity in ensuring the continuous growth and development of the APAC digital asset ecosystem. The team highlighted that one of their goals is to establish a fair and transparent ecosystem in which virtual assets can thrive.
According to records, BitGo has joined Ripple, Coinbase, and over 25 other countries in obtaining the Major Payment Institution (MPI) digital license from Singapore. This move has secured BitGo as one of the top crypto hubs in the region.
