SINGAPORE: Upbit Singapore, a subsidiary of South Korea’s Upbit, recently obtained a Major Payment Institution (MPI) licence from the Monetary Authority of Singapore.

The Edge Singapore reports that Upbit Singapore is the latest regulated digital asset business within Upbit APAC’s portfolio. The in-principle approval (IPA) of Upbit was granted in Oct 2023 in compliance with the Payment Services Act 2019.

As part of Upbit APAC, Upbit Singapore joins regulated entities like Upbit Exchange (Thailand) and PT Upbit Exchange Indonesia. Upbit APAC also operates VerifyVASP, the world’s largest Travel Rule solution provider for digital assets.

The MPI licence is significant for Upbit Singapore, allowing it to serve institutional and retail clients with advanced digital asset solutions in Singapore’s digital ecosystem.

Upbit Singapore’s founder and CEO, Alex Kim, stated:

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.

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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.”/TISG