Upbit Singapore, a subsidiary of the global digital asset group Upbit APAC, has announced that it has obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). This license allows the exchange to provide regulated Digital Payment Token services in compliance with the Payment Services Act 2019.
The MPI license is a prestigious recognition of Upbit Singapore’s commitment to regulatory compliance and adherence to the highest standards set by MAS. The license also enables the exchange to offer a comprehensive suite of financial services to its users, such as fiat-to-crypto trading, which gives users more flexibility and accessibility in managing their digital assets.
Upbit Singapore’s founder and CEO, Alex Kim, expressed his delight at the achievement, saying:
This approval from MAS is a strategic milestone for us to deepen our presence in Singapore, which is at the forefront of digital asset innovation. Singapore, as our global powerhouse, unlocks new capabilities for retail, institutional, and infrastructure focused businesses.
A Global Expansion Strategy For Upbit
The MPI license is a significant achievement for Upbit Singapore and a part of its broader strategy to expand its presence globally and cater to the rising demand for cryptocurrency services. Upbit APAC, which includes regulated digital asset exchanges in Indonesia and Thailand, and VerifyVASP, a leading Travel Rule solution provider.
Singapore, known for its forward-thinking regulatory approach to fintech, serves as an ideal hub for this exchange to strengthen its foothold in the Southeast Asian market. The country has a high regulatory standard for the digital asset industry, cultivating sustainable innovation and consumer protection.
The MPI license also aligns with this exchange’s mission to provide a secure and user-friendly platform for cryptocurrency enthusiasts. With the license in hand, Upbit Singapore is poised to redefine the crypto landscape in the region, offering users a reliable and compliant avenue for their digital asset transactions.
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