Upbit Singapore Expands Institutional Foothold With Major Payment License From MAS

In a significant stride towards establishing a stronghold in the regulated digital asset landscape, Upbit Singapore proudly announces the acquisition of a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). Meanwhile, this latest achievement, following the earlier in-principle approval in October 2023, positions Upbit Singapore as a pivotal player in Singapore’s burgeoning digital asset sector, aligning with the nation’s stringent regulatory standards.

Upbit Expands Singapore Foothold

Upbit, a leading cryptocurrency exchange, has received full regulatory approval from MAS, allowing it to broaden its digital asset services. This development comes three months after the initial in-principle approval for digital token payment services.

Meanwhile, Mr. Raks Sondhi, COO of Upbit Singapore, highlighted that the granted license will facilitate team expansion, enhance institutional business offerings, and increase the range of digital assets listed on the platform. However, while acknowledging the growth potential in the crypto sector, MAS has cautioned retail investors about the volatility inherent in cryptocurrency trading.

Notably, Upbit Singapore, established in 2018, serves a diverse clientele, catering to retail and institutional participants. As part of Upbit APAC, the exchange now holds regulated digital asset exchanges in Singapore, Indonesia, and Thailand, showcasing its commitment to a robust and compliant operational framework.

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Focus Towards Institutional Growth

Upbit Singapore’s MPI license not only marks a pivotal moment for the local exchange but also propels the broader strategic vision of Upbit APAC, a global digital asset group. The group, with operations in multiple Asian countries, is expanding its footprint in institutional and infrastructure-focused businesses.

Meanwhile, through its various entities, including VerifyVASP, Upbit APAC is actively contributing to global efforts to ensure compliance with travel rule recommendations by enhancing anti-money laundering (AML) focus and preventing terrorism financing in the digital asset space. As the crypto industry evolves, Upbit Singapore stands ready to play a crucial role in institutionalizing digital assets, bringing a new era of regulatory-compliant innovation to the forefront of the financial landscape.

Notably, Upbit’s favorable announcement comes amid a time with a period when worldwide investors anticipate the SEC’s potential approval of the first Spot Bitcoin ETF in the U.S. this week.

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Rupam, a seasoned professional with 3 years in the financial market, has honed his skills as a meticulous research analyst and insightful journalist. He finds joy in exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor and crypto journalist at Coingape, Rupam’s expertise goes beyond conventional boundaries. His contributions encompass breaking stories, delving into AI-related developments, providing real-time crypto market updates, and presenting insightful economic news. Rupam’s journey is marked by a passion for unraveling the intricacies of finance and delivering impactful stories that resonate with a diverse audience.

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