As a seasoned crypto investor with roots deep in the Silicon Valley tech scene and a keen eye for promising market expansions, I can’t help but be intrigued by BitGo’s strategic move to establish BitGo Singapore. With its strong regulatory backing from the Monetary Authority of Singapore (MAS), this new subsidiary promises to bring institutional-grade crypto solutions to the Asia Pacific (APAC) region, addressing a high demand that has long been evident in Southeast Asia.
3 months following the acquisition of a significant payment institution license from the Monetary Authority of Singapore (MAS), the California-based cryptocurrency exchange, BitGo, has unveiled the establishment of a new subsidiary in Singapore.
21st November was the commencement of operations for BitGo Singapore, a locally governed affiliate of BitGo. This new entity is focused on offering digital asset safekeeping, trading, settlement, and token administration solutions within the Asia-Pacific (APAC) market.
In an announcement shared with CryptoMoon, Youngro Lee, CEO of BitGo Singapore, shared his intent to maintain strict regulatory standards while serving the APAC crypto ecosystem.
Right from the start, BitGo Singapore guarantees secure asset custody, offers both electronic and voice trading with high liquidity, provides automated settlement and token administration services.
Using Singapore as an entry point for Asian markets
Regarding geographic growth, Singapore distinguishes itself as a significant cryptocurrency center in Asia due to its eagerness to offer regulatory certainty and business permits. Furthermore, Singapore’s position offers more convenient access to Southeast Asia, where there is currently high interest for top-tier crypto services.
BitGo has teamed up with the algorithmic trading company, Wintermute, to grow their operations in Singapore. The specific details of this partnership have not been disclosed at this time following the initial announcement.
BitGo did not immediately respond to CryptoMoon’s request for comment.
As per Yoann Turpin, co-founder of Wintermute, the partnership between the two companies is mainly aimed at catering to BitGo Singapore’s institutional clientele. In addition, he mentioned:
“By working together, we aim to build a more robust environment for institutions and drive meaningful growth across APAC’s digital asset markets.“
Singapore authorities experiment with tokenized funds
BitGo intends to leverage its newly established presence in APAC to foster and accelerate the development of the digital asset sector.
Back in November, the Monetary Authority of Singapore unveiled a comprehensive strategy aimed at fostering the development of asset tokenization. As part of this plan, they established fresh guidelines for better clarity and direction.
Under the umbrella of Project Guardian, more than 40 different institutions have carried out over fifteen experiments in seven various locations, utilizing six distinct currencies, according to MAS deputy managing director Leong Sing Chiong.
He noted that while many potential applications show promise, they haven’t become widespread across industries. Moreover, he emphasized the importance of building necessary infrastructure to help promising ideas grow beyond isolated networks.
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2024-11-21 12:13