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BitGo launches MAS-licensed crypto exchange in Singapore

BitGo launches MAS-licensed crypto exchange in Singapore

GrafaGrafa2024/11/22 07:00
By:Mahathir Bayena

BitGo has officially launched its Singapore-based subsidiary after securing a major payment institution license from the Monetary Authority of Singapore (MAS).

The new platform aims to cater to the growing demand for institutional-grade digital asset services in the Asia-Pacific (APAC) region.

BitGo Singapore offers regulated custody, high-liquidity trading, automated settlement, and token management services.

According to Youngro Lee, CEO of BitGo Singapore, the subsidiary is committed to upholding strict regulatory standards while supporting the APAC crypto ecosystem.

Singapore's strategic position as a crypto hub has made it an ideal base for BitGo’s expansion.

Known for its regulatory clarity and proactive licensing, Singapore provides access to Southeast Asia, a region with rising institutional demand for digital asset solutions.

To strengthen its Singapore operations, BitGo has partnered with algorithmic trading firm Wintermute.

While the partnership's terms were not disclosed, Wintermute co-founder Yoann Turpin stated that the collaboration aims to create a robust environment for institutional investors and drive growth in APAC’s digital asset markets.

This development aligns with Singapore’s broader efforts to advance blockchain and tokenisation technologies.

Earlier this month, MAS introduced new frameworks under Project Guardian to promote asset tokenisation and facilitate industry-wide adoption.

Over 40 institutions have participated in related trials across seven jurisdictions using six currencies.

Despite challenges in scaling tokenised assets, MAS Deputy Managing Director Leong Sing Chiong emphasised the need for supporting infrastructure to enable the expansion of promising use cases.

BitGo's entry into Singapore represents a step toward addressing this demand, signaling its commitment to fostering growth in the digital asset industry across the region.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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