Upbit secures Major Payment Institution (MPI) license from Singapore MAS

Rick Steves

“Upbit Singapore is poised to be the nexus of institutional activities, capitalizing on Singapore’s robust regulatory framework and its reputation as a leading financial center in Asia. This license 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 has achieved a significant milestone in the regulated digital asset ecosystem by securing a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).

This accomplishment follows the earlier in-principle approval (IPA) in October 2023, showcasing Upbit Singapore’s adherence to the Payment Services Act 2019.

With the MPI license, Upbit Singapore is now positioned to expand its digital asset business in accordance with Singapore’s stringent regulatory standards. Singapore’s status as a global hub for digital asset innovation underscores the importance of this achievement. Upbit Singapore aims to be a focal point for institutional activities, leveraging Singapore’s robust regulatory framework and its standing as a prominent financial center in Asia.

“Important step for us to serve institutional and retail clients”

Alex Kim, the Founder and CEO of Upbit Singapore, said: “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, capitalizing on Singapore’s robust regulatory framework and its reputation as a leading financial center in Asia. This license 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.”

As part of Upbit APAC, a leading global digital asset group, Upbit Singapore joins the portfolio of regulated digital asset businesses operating in Singapore, Indonesia, and Thailand. The MPI license obtained by Upbit Singapore aligns with Upbit APAC’s strategy to expand into institutional and infrastructure-focused ventures, empowering dedicated builders in the digital asset space.

In December, CCData Exchange published a report noting that centralized exchanges experienced their highest combined spot and derivatives trading volume since March 2023. The document reveals that both OKX and Upbit achieved all-time high trading volumes, with combined spot and derivatives volumes rising to $731 billion and $431 billion, respectively. Their market shares increased to 20.2% and 11.9%.

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