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BitGo launched a Singapore subsidiary to expand digital asset services across the APAC region.The move follows BitGo securing a Major Payment Institution License from MAS in August 2024.Digital asset services provider BitGo may have just launched a subsidiary in Singapore as it looks to make its presence better known in the Asia-Pacific (APAC) region. While the move is somewhat of a business expansion strategy on the part of BitGo, it is also a response to the growing demand for secure and regulated digital asset solutions in the area.
According to a report by The Block, BitGo Singapore will offer a few more services than the parent company currently offers in other areas. This will be ensured by providing cold storage for over 1,100 digital assets, voice trading, automated settlement, and token management.
The report noted that these new services will serve foundations, protocols, and other organizations that are interested in secure and compliant solutions.
BitGo Singapore Eyes Full Regulatory Compliance
Meanwhile, the CEO of BitGo Singapore, Youngro Lee, has issued what might be called an official statement. That is, following the recent expansion. He noted that, at the core of all BitGo’s operations is the ability to always hold itself accountable. Particularly, with respect to the highest regulatory and service standards. Lee said in part:
“Our team is committed to providing our clients with the highest quality products and services while maintaining strict regulatory standards. We look forward to further strengthening the APAC digital assets ecosystem.”
It might be understandable that Lee’s statement reflects the commitment of BitGo and all its efforts so far this year. So, it might be safe to say that the promises from Lee are only to further build on the strong foundations of earlier regulatory efforts.
As Coinspeaker covered in an August report, BitGo secured a Major Payment Institution (MPI) License from the Monetary Authority of Singapore (MAS). The license, as it were, meant that BitGo Singapore can provide digital asset services in the region without having a run-in with the local regulator.
By securing that license, the firm has already taken the necessary steps to ensure that the newly-launched company functions optimally. That is, with all its regulatory compliance and market credibility intact.
Notably, BitGo began its journey toward regulatory approval in January. That was when the firm received in-principle approval for the license. The approval was the beginning of the expansion into Singapore, which is now a success story today.
Global Crypto Hub
It might be worth mentioning that Singapore has become one of the global centres for digital asset innovation. However, the reason for this may not be far-fetched. If nothing else, the country has one of the clearest regulatory frameworks and has floated quite commendable policies that encourage innovation.
Without a doubt, BitGo’s expansion into the region is a strategic play. At least, it shows the level of confidence that the firm has in the market’s potential.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Mayowa is a crypto enthusiast/writer whose conversational character is quite evident in his style of writing. He strongly believes in the potential of digital assets and takes every opportunity to reiterate this. 
 
 He's a reader, a researcher, an astute speaker, and also a budding entrepreneur.
 
 Away from crypto however, Mayowa's fancied distractions include soccer or discussing world politics.
