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HomebitcoinBitGo Launches Singapore Subsidiary Following MAS Approval

BitGo Launches Singapore Subsidiary Following MAS Approval

Key Takeaways

As per reports, the Singapore team consists of fewer than 20 employees but may expand depending on market demand.

 BitGo has also partnered with algorithmic trading firm Wintermute to enhance its offerings for institutional clients,

California-based cryptocurrency firm BitGo has officially launched its Singapore subsidiary, three months after receiving a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). The move enables the company to offer a range of regulated services in the Asia-Pacific (APAC) region.

BitGo, which has operated in APAC since 2015, previously maintained a presence in Singapore without providing specific services regulated under local frameworks. With the MPI license, the company now offers custody and wallet solutions for over 1,100 digital assets, electronic and voice trading, automated settlements, and token management services.

Singapore has positioned itself as a hub for cryptocurrency services in Asia, introducing regulatory frameworks for digital asset providers in 2019. Currently, 29 companies, including Coinbase, Circle, and Ripple, hold MPI licenses for digital payment token services.

BitGo Singapore CEO Youngro Lee highlighted the growing interest in digital assets among institutions in the region. “While institutional activity in Singapore has been limited, we see potential for growth as digital asset adoption increases globally,” he said.

As per reports, the Singapore team consists of fewer than 20 employees but may expand depending on market demand. BitGo has also partnered with algorithmic trading firm Wintermute to enhance its offerings for institutional clients, which includes hedge funds, venture funds, and family offices.

Wintermute co-founder Yoann Turpin described the partnership as an opportunity to strengthen institutional digital asset services in APAC. “Collaborating with BitGo allows us to support the development of a more robust digital asset ecosystem,” he said.

Globally, BitGo secures approximately 20% of on-chain Bitcoin transactions by value and serves more than 1,500 institutional clients across 50 countries. The company also operates in South Korea through partnerships with Hana Financial and SK Telecom, which hold minority stakes in its local operations.

BitGo has expressed interest in expanding further within APAC, though plans will depend on regulatory environments and market opportunities. Lee noted the company’s positive experience working with MAS as a factor in its decision to grow its presence in Singapore.

The launch aligns with ongoing efforts by MAS to advance digital asset adoption, including Project Guardian, which focuses on tokenization and infrastructure development. MAS Deputy Managing Director Leong Sing Chiong recently emphasized the need for scalable infrastructure to support widespread adoption of tokenized assets.

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