Upbit Secures Significant Payment Institution License in Singapore

Upbit Singapore Secures Major Payment Institution License

Crypto exchange Upbit Singapore has obtained a Major Payment Institution (MPI) License from the Monetary Authority of Singapore (MAS), allowing it to expand its operations in Singapore.

Full License for Upbit Singapore

The Singapore subsidiary of South Korean crypto exchange Upbit has been granted a full license in Singapore after previously receiving in-principle approval from MAS.

Expanding Institutional Business Offerings

Upbit Singapore has announced that it has been granted an MPI license by MAS. This license enables the exchange to grow its team, expand its institutional business offerings, and increase the number of digital assets it lists.

According to COO Raks Sondhi, the MPI license is a significant milestone for Upbit Singapore, allowing it to take advantage of Singapore’s robust regulatory framework and its reputation as a leading financial center in Asia.

Upbit Apac and VerifyVASP

Upbit Singapore is part of the Upbit Apac digital asset group, which operates regulated asset exchanges in Singapore, Indonesia, and Thailand. Upbit Apac is also the provider of VerifyVASP, one of the largest travel rule solutions providers in Singapore.

Hot Take: Upbit Singapore Expands Operations With MPI License

Upbit Singapore has secured a Major Payment Institution License from MAS, paving the way for the expansion of its business offerings in Singapore. This license allows Upbit Singapore to grow its institutional team, increase its digital asset listings, and take advantage of Singapore’s position as a global hub for digital asset innovation and a leading financial center in Asia.