BitGo launches MAS-regulated crypto exchange in Singapore

California-based cryptocurrency exchange BitGo launched a subsidiary in Singapore three months after obtaining a major payment institution license from the Monetary Authority of Singapore (MAS).

Nov. 21 marked the official launch of BitGo Singapore, a locally regulated subsidiary dedicated to providing digital asset custody, trading, settlement and token management services in the Asia Pacific (APAC) region.

In an announcement shared with Cointelegraph, Youngro Lee, CEO of BitGo Singapore, shared his intent to maintain strict regulatory standards while serving the APAC crypto ecosystem.

BitGo Singapore promised regulated custody, high liquidity for electronic and voice trading, automated settlement and token management services.

Using Singapore as an entry point for Asian markets

Singapore stands out as a key crypto hub in Asia, considering its willingness to provide regulatory clarity and operational licenses. Its location also allows easier access to Southeast Asia, which has a strong demand for institutional-grade crypto solutions.

BitGo partnered with algorithmic trading firm Wintermute to expand its Singapore business, though the terms of the alliance were not revealed.

BitGo did not immediately respond to Cointelegraph’s request for comment. 

Wintermute co-founder Yoann Turpin said the collaboration will primarily serve BitGo Singapore’s institutional market. He added:

Singapore authorities experiment with tokenized funds

BitGo plans to build on its APAC presence to support and propel the growth of the digital assets industry.

Earlier in November, the MAS announced a multipronged effort to advance the commercialization of asset tokenization. In doing so, the authority introduced new frameworks to provide guidance.

MAS Deputy Managing Director Leong Sing Chiong said that as part of Project Guardian, over 40 institutions have conducted more than 15 trials across seven jurisdictions using six currencies. 

“No one has really succeeded in achieving scale. Many promising use cases have not yet gained industry-wide traction. Further, there is a need for supporting infrastructure to enable good use cases to scale beyond individual networks,” he said.