Upbit Singapore Receives Major Payment Institution (MPI) License from MAS
Upbit Singapore, a subsidiary of the Upbit group based in South Korea, has achieved a significant milestone by obtaining a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). This license allows Upbit Singapore to expand its digital asset business in Singapore, which is known for its robust regulatory framework and reputation as a leading financial center in Asia. With this license, Upbit Singapore can serve both institutional and retail clients, contributing to Singapore’s thriving digital ecosystem.
Singapore as a Hub for Digital Asset Innovation and Regulation
Several other notable crypto-related companies have also been granted the MPI license in Singapore, including DBS Vickers Securities, Digital Treasures Center, FOMO Pay, Independent Reserve, Revolut, Sparrow Tech Private, Hako Technology’s Coinhako, Paxos, and MetaComp. This trend highlights Singapore’s role as a significant hub for digital asset innovation and regulation.
Upbit APAC’s Regulated Digital Asset Exchanges
Upbit Singapore is a wholly-owned subsidiary of Upbit APAC, which operates regulated digital asset exchanges in Thailand and Indonesia. Upbit APAC’s portfolio includes Upbit Exchange (Thailand) and PT Upbit Exchange Indonesia. They are also the world’s largest Travel Rule solution provider for digital assets through VerifyVASP.
Singapore’s Commitment to Regulatory Innovation
The granting of the MPI license to Upbit Singapore reflects a broader regulatory trend in Singapore. Other notable entities such as Sygnum Singapore, Coinbase, GSR Markets, Blockchain.com, and Crypto.com have also obtained MPI licenses. This demonstrates Singapore’s commitment to fostering innovation while ensuring consumer protection.
Unlocking Opportunities for Retail, Institutional, and Infrastructure-Centric Businesses
Alex Kim, the Founder and CEO of Upbit Singapore, emphasized the significance of the MPI license in opening up new opportunities for retail, institutional, and infrastructure-centric businesses. This license positions Upbit Singapore among regulated digital asset exchanges under Upbit APAC, furthering the group’s ambition to expand globally and cater to institutional and infrastructure-focused businesses.
Hot Take: Singapore’s Growing Influence in the Digital Asset Space
Singapore continues to solidify its position as a major player in the digital asset industry with the granting of MPI licenses to companies like Upbit Singapore. The country’s robust regulatory framework, commitment to innovation, and reputation as a financial center attract crypto-related businesses seeking a conducive environment for growth. As more companies obtain MPI licenses, Singapore’s influence in the global digital asset space is set to expand further.
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