Upbit Singapore Acquires Major Payment Institution License
Upbit Singapore has obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), solidifying its position in the regulated digital asset landscape. This achievement comes after receiving in-principle approval in October 2023, establishing Upbit Singapore as a key player in Singapore’s growing digital asset sector.
Upbit Expands Digital Asset Services
Leading cryptocurrency exchange Upbit has received full regulatory approval from MAS, allowing it to expand its digital asset services. The approval comes three months after the initial in-principle approval for digital token payment services. With this development, Upbit can enhance institutional business offerings and increase the range of digital assets listed on its platform.
Focus on Institutional Growth
The MPI license for Upbit Singapore not only signifies a milestone for the local exchange but also supports the broader strategic vision of Upbit APAC, a global digital asset group. The group is expanding its presence in institutional and infrastructure-focused businesses. Upbit APAC is actively contributing to global efforts to ensure compliance with travel rule recommendations and prevent money laundering and terrorism financing in the digital asset space.
Hot Take: Upbit Singapore Strengthens Position in Regulated Digital Asset Landscape
With the acquisition of the MPI license from MAS, Upbit Singapore has further solidified its foothold in the regulated digital asset landscape. This achievement allows Upbit to expand its digital asset services and enhance institutional business offerings. As the crypto industry continues to evolve, Upbit Singapore is poised to play a crucial role in institutionalizing digital assets while adhering to regulatory standards.
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