- Upbit has announced “a strategic achievement.”
- The exchange’s Singapore subsidiary has secured a key license.
- The license will enable Upbit to become “the nexus of institutional activities.”
South Korea’s largest crypto exchange by trade volume, Upbit, has secured a key payment license from the Monetary Authority of Singapore (MAS) through its local subsidiary, marking a strategic milestone on its regulatory compliance journey.
The development follows an in-principle approval (IPA) granted by MAS in October, allowing the exchange “to continue providing regulated Digital Payment Token services in compliance with the Payment Services Act 2019” while awaiting full authorization.
Upbit’s Major Payment Institution (MPI) License
In a press release dated January 8, Upbit Singapore announced that MAS had granted it a Major Payment Institution (MPI) license, enabling it to “expand its digital asset business” in alignment with the country’s stringent regulatory standards.
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Per the statement, the MPI license marks “a strategic achievement” in Upbit’s journey to becoming “the nexus of institutional activities” in Singapore, thanks to the country’s robust regulatory framework and its reputation as a financial hub 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,” Upbit Singapore Founder and CEO Alex Kim stated.
With the MPI license, Upbit Singapore becomes the latest subsidiary of Upbit APAC with a regulated digital asset business operation.
Upbit APAC is a leading global digital asset group that wholly owns and operates Upbit Exchange (Thailand) Co., Ltd., a regulated digital asset exchange and broker under Thailand SEC and PT. Upbit Exchange Indonesia, a regulated digital asset exchange under Indonesia BAPPEBTI.
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Read how Coinbase secured Singapore’s MPI license:
Coinbase Wins Full Payment Institution License in Singapore
Stay updated on Singapore’s asset tokenization program:
Singapore Drives Asset Tokenization Campaign with New Pilots
