US crypto custodian BitGo announced the launch of its Singapore subsidiary on Thursday, offering regulated token management services to the broader Asia Pacific region.
The launch comes after BitGo obtained the Major Payment Institution License from the Monetary Authority of Singapore in Aug. 2024.
The platform said its custody service now supports over 1,100 digital assets.
Institutional Clients Gain Secure Digital Asset Trading With BitGo Singapore
BitGo Singapore allows clients to access deep liquidity directly from cold storage. Its trading platform is accessible via API, user interface, or voice trading. The platform connects with top liquidity providers to ensure competitive pricing.
The platform also enables automated settlement, allowing institutional clients to trade and settle digital assets securely and efficiently.
“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,” said BitGo Singapore CEO Youngro Lee.
The announcement also revealed that BitGo has partnered with Neutronpay. This partnership allows customers to send and receive payments using Bitcoin’s Lightning Network.
Singapore Strengthens Its Position as a Crypto Hub With Strategic Connectivity
The MAS, the country’s financial regulator, has taken a proactive yet cautious approach to cryptocurrencies. In 2020, it introduced the Payment Services Act (PSA). This act created a clear regulatory framework for digital payment token (DPT) services, including cryptocurrencies.
The act focuses on anti-money laundering (AML) and counter-terrorism financing (CTF) while providing a legal pathway for crypto businesses to obtain licenses. This regulatory clarity has attracted numerous crypto exchanges and fintech startups looking for a stable environment to grow.
Singapore’s prime location in Southeast Asia offers strategic connectivity to major Asian markets like China, where strict regulations on crypto trading have pushed businesses to seek alternative hubs.
To date, 29 crypto companies, including Blockchain.com, Circle, and Coinbase, have secured full licenses to operate in Singapore.
The post Goldman Sachs-Backed BitGo Opens Singapore Subsidiary to Serve APAC Market appeared first on Cryptonews.
#BlockchainNews #BitGo #Singapore [Source: CryptoNews]