Upbit Singapore, a subsidiary of South Korean crypto exchange Upbit, has been granted a Major Payment Institution (MPI) license by the Monetary Authority of Singapore (MAS).
Upbit Singapore Receives Digital Asset License from Singapore Monetary Authority
This significant development comes less than three months after the organization received in-principle approval from the regulator.
The license positions Upbit Singapore as a key player in corporate activity and benefits from Singapore's robust regulatory framework and reputation as Asia's leading financial centre.
“Upbit Singapore is poised to become the nexus of corporate activity,” said Alex Kim, the company's founder and CEO.
“We will increase the list of available digital assets, as well as liquidity and institutional service offerings, with customer protection measures at the forefront,” said Raks Sondhi, Chief Operating Officer of Upbit Singapore.
Upbit Singapore's parent company, Upbit APAC, is expanding its influence in the Asian market by also operating crypto trading platforms in Thailand and Indonesia.
In South Korea, Upbit exchange accounts for approximately 48% of total spot crypto trading volume, according to CoinMarketCap data.
The exchange processed $4.2 billion worth of crypto transactions in the last 24 hours. Upbit is one of the five licensed exchanges in South Korea, along with Bithumb, Coinone, Korbit and Gopax.
This development underscores the growing acceptance of digital assets and the importance of robust regulatory frameworks in promoting a healthy crypto ecosystem.
*This is not investment advice.