Upbit Singapore Obtains Major Payment Institution License from Monetary Authority of Singapore
Upbit Singapore, a subsidiary of South Korea’s leading crypto exchange Upbit, has announced that it has received a Major Payment Institution (MPI) License from the Monetary Authority of Singapore. This achievement comes after receiving in-principle approval in October 2023.
Upbit Singapore to Serve Retail and Institutional Clients
Alex Kim, Founder and CEO of Upbit Singapore, highlighted the significance of Singapore as a global hub for digital asset innovation and its reputation as a leading financial center in Asia. With the MPI license, Upbit Singapore aims to serve institutional and retail clients with advanced digital asset solutions.
As part of Upbit APAC’s portfolio, Upbit Singapore joins other regulated digital asset exchanges in Singapore, Indonesia, and Thailand. The acquisition of the MPI license aligns with the company’s strategy to expand into institutional and infrastructure-focused businesses.
Upbit Singapore Joins Other Crypto Firms with MPI License
Upbit Singapore is now one of 16 crypto firms that have obtained a Major Payment Institution License from the Monetary Authority of Singapore. This includes notable companies like Coinbase and Ripple. Ripple CEO Brad Garlinghouse previously praised Singapore for its leadership in fintech and crypto, emphasizing its commitment to innovation, consumer protection, and responsible growth.
Hot Take: Upbit’s Expansion into Institutional Services
Upbit’s subsidiary, Upbit Singapore, has secured a Major Payment Institution License from the Monetary Authority of Singapore. This license allows Upbit to provide services to both retail and institutional clients in line with Singapore’s regulatory standards. With this achievement, Upbit aims to become a prominent player in institutional activities within the digital asset industry. By capitalizing on Singapore’s robust regulatory framework and reputation as a leading financial center, Upbit Singapore plans to offer cutting-edge digital asset solutions. This strategic move aligns with Upbit’s focus on expanding into institutional and infrastructure-focused businesses, further strengthening its position in the crypto market.
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