Upbit Singapore, the Singaporean subsidiary of South Korean cryptocurrency exchange Upbit, has secured a Major Payment Institution (MPI) License from the Monetary Authority of Singapore (MAS). This license allows the exchange to expand its business in Singapore, including growing its team, expanding its institutional business offering, and increasing the number of digital assets it lists.
Prior to this, Upbit Singapore had received an “in-principle” approval from the MAS to offer users digital asset services. This approval enabled the exchange to continue providing regulated digital payment token services in compliance with the Payment Services Act of 2019 while awaiting the grant of the full license.
Alex Kim, Founder and CEO of Upbit Singapore, commented on the MPI license award, stating that Singapore has emerged as a global hub for digital asset innovation. He emphasized the significance of Singapore for institutional business and expressed that Upbit Singapore is poised to be the nexus of institutional activities. He further added that this license marks an important step for the exchange to serve institutional and retail clients with cutting-edge digital asset solutions, contributing to Singapore’s thriving digital ecosystem.
Upbit Singapore is part of the digital asset group Upbit Apac, which operates regulated asset exchanges in Singapore, Indonesia, and Thailand. Upbit Apac is also behind the Singapore travel rule solution provider VerifyVASP, one of the largest travel rule solutions providers.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Asia |
| Countries | 🇸🇬 🇮🇩 🇹🇠|
| Sentiment | positive |
| Relevance Score | 1 |
| People | Alex Kim, Raks Sondhi |
| Companies | VerifyVASP, Upbit Apac, South Korean cryptocurrency exchange Upbit, Upbit Singapore, Monetary Authority of Singapore |
| Currencies | None |
| Securities | None |
