Upbit Singapore, a key player in the digital asset ecosystem, has achieved a significant milestone by acquiring a Major Payment Institution (MPI) licence from the Monetary Authority of Singapore (MAS).
The licence marks a crucial step in the company’s journey within the regulated digital asset domain, following the in-principle approval (IPA) it received in October 2023.
The MPI licence demonstrates Upbit Singapore’s commitment to adhering to the Payment Services Act 2019 and opens doors for the expansion of its digital asset business.
This aligns perfectly with Singapore’s stringent regulatory framework, enhancing the country’s status as a global hub for digital asset innovation and a leading financial centre in Asia.
Alex Kim, Founder and CEO of Upbit Singapore, expressed his enthusiasm for this achievement.
“Singapore’s role in the digital asset sector is increasingly prominent, especially for institutional businesses. With this licence, Upbit Singapore is well-positioned to be at the forefront of these institutional activities, offering advanced digital asset solutions that contribute significantly to Singapore’s flourishing digital ecosystem,” he stated.
The acquisition of the MPI licence by Upbit Singapore adds another feather to the cap of Upbit APAC, a renowned global digital asset group.
Upbit APAC already operates regulated digital asset exchanges in Indonesia and Thailand, along with VerifyVASP, a leading global provider of Travel Rule solutions for digital assets.
The new licence propels Upbit APAC’s further expansion into institutional and infrastructure-focused businesses, supporting dedicated builders in the sector.