Upbit Secures Major Payment Institution License from Monetary Authority of Singapore

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Jai Pratap

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Jai Pratap

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Jai serves as the Asia Desk Editor for Cryptonews.com, where he leads a diverse team of international reporters. Jai has over five years of experience covering the web3 industry.

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Last updated:

January 8, 2024 00:06 EST

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South Korea’s leading crypto exchange Upbit’s subsidiary Upbit Singapore announced that it has received a Major Payment Institution License from the Monetary Authority of Singapore.

This accomplishment follows the previously announced in-principle approval (IPA) in October 2023, under the Payment Services Act 2019.

The newly obtained MPI license positions Upbit Singapore among the few fully licensed exchanges that operate in line with Singapore’s stringent regulatory standards.

Upbit to Provide Services to Retail and Institutional Clients

Alex Kim, Founder and CEO of the Singapore subsidiary said on the occasion,

“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.”

The crypto exchange, now holding the MPI license, becomes the latest addition to Upbit APAC’s portfolio—a prominent global digital asset group.

The APAC arm of the exchange already operates regulated digital asset exchanges in Singapore, Indonesia, and Thailand. Additionally, it manages VerifyVASP, a globally recognized Travel Rule solution provider.

The acquisition of the MPI license aligns with the company’s strategic focus on expanding into institutional and infrastructure-focused businesses.

Upbit Singapore has joined 15 other crypto firms who have secured Major Payment Institution Licnese from the Monetary Authority of Singapore, including Coinbase and Ripple.

Earlier, Ripple CEO Brad Garlinghouse praised Singapore saying that the country has become one of the leading fintech and crypto hubs under MAS’ leadership, “striking the balance between innovation, consumer protection and responsible growth.”