Upbit Singapore receives MPI Licence from the MAS

January 07, 2024 08:01 AM PST | By Cision

Upbit Singapore receives MPI Licence from the MAS — Image source: Kalkine Media

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SINGAPORE, Jan. 8, 2024 /PRNewswire/ -- Upbit Singapore is thrilled to announce a strategic achievement on its journey in the regulated digital asset ecosystem. The Monetary Authority of Singapore (MAS) has granted a Major Payment Institution (MPI) licence to Upbit Singapore.

This achievement follows the earlier in-principle approval (IPA) announced in October 2023, demonstrating Upbit Singapore's capability to comply with the Payment Services Act 2019. Now, the MPI licence enables Upbit Singapore to expand its digital asset business in alignment with Singapore's high regulatory standards.

"Singapore has emerged as a global hub for digital asset innovation, and its significance for institutional business cannot be overstated. Upbit Singapore is poised to be the nexus of institutional activities, capitalising on Singapore's robust regulatory framework and its reputation as a leading financial centre in Asia. This licence marks an important step for us to serve institutional and retail clients with cutting-edge digital asset solutions contributing to Singapore's thriving digital ecosystem," said Alex Kim, Founder and CEO of Upbit Singapore.

With its MPI licence, Upbit Singapore became the latest regulated digital asset business in the portfolio of Upbit APAC, a prominent global digital asset group. Now, Upbit APAC operates regulated digital asset exchanges in Singapore, Indonesia and Thailand along with VerifyVASP, a global top Travel Rule solution provider. The MPI licence secured by Upbit Singapore propels Upbit APAC's expansion towards institutional and infrastructure-focused businesses, empowering committed builders.

About Upbit Singapore:

Upbit Singapore Pte. Ltd. is a wholly owned subsidiary of Upbit APAC Pte. Ltd. (Upbit APAC). As the holding company, Upbit APAC operates Upbit Exchange (Thailand) Co., Ltd., a regulated digital asset exchange and broker under Thailand SEC, PT. Upbit Exchange Indonesia, a regulated digital asset exchange under Indonesia BAPPEBTI, and VerifyVASP Pte. Ltd., the world's largest Travel Rule solution provider for digital assets.

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