While global cryptocurrency firms increasingly come to Singapore to benefit from its crypto-friendly ecosystem, some local firms are too expanding their operations beyond local jurisdiction.

Bitget, a Singapore-headquartered digital asset platform, has obtained regulatory blessing from the United states of america Fiscal Crimes Enforcement Network (FinCEN), the primary regulator for money service businesses in the state.

MSB license is role of Bitget'due south strategy to be compliant in "as many regions as possible"

According to public records, the FinCEN granted Bitget a Money Service Business License (MSB), authorizing the Singaporean visitor to human activity every bit a coin transmitter or foreign exchange dealer in the U.S. with its office in Denver, Colorado. By acquiring the MSB license, Bitget joins major global crypto players like U.S. crypto wallet and exchange service Coinbase and Huobi exchange.

A Bitget spokesperson told Cointelegraph that the MSB is the company'south outset pace in entering the U.S. market. The exchange plans to employ with other U.S. regulators. The representative added that the MSB registration is role of Bitget'south global compliance strategy, equally the firm is willing to be compliant in "equally many regions equally possible."

Bitget says daily trading book adds up to $i billion

Founded in 2022 in Singapore, Bitget exchange currently has regional offices in Nihon and South korea, with its platform besides maintaining operations in other locations like China and Russia.

While Bitget isn't listed on popular trading book trackers like Coin360 or CoinMarketCap to engagement, the Bitget spokesperson said that Bitget'south daily trading volume accounts for $1 billion so far, which would make it one of the largest exchanges in terms of trading book.

The spokesperson attributed Bitget'due south absence from these volume trackers to their limited exposure to an English language-speaking audience. Bitget's three peak markets are China, South Korea and Singapore. Bitget'southward push into the U.S. market place is part of its wider plan to enter English-speaking countries in Europe besides as Canada and Republic of india in 2022, the spokesperson said.

Bitget is among firms exempted from the Payment Services Act till July 2022

While Bitget has aggressive global compliance strategy plans, the exchange is compliant with authorities in its domicile jurisdiction. On March 24, the Monetary Authority of Singapore (MAS) listed Bitget among companies that are immune to operate in the state without holding a license under the Payment Services Act (PSA), adopted in January 2022. Specifically, Bitget is allowed to provide digital token service till July 2022 alongside companies like Ripple, Coinbase and Binance, according to the MAS's statement.

Bitget's representative noted that the platform is currently in the process of the PSA license application, targeting June or July 2022 to receive the license.