Upbit Singapore, a part of the South Korea-based Upbit group, recently achieved a significant milestone in its journey within the regulated digital asset ecosystem. The Monetary Authority of Singapore (MAS) granted Upbit Singapore a Major Payment Institution (MPI) licence. This strategic development, announced on January 8, 2024, follows the in-principle approval (IPA) received in October 2023, showcasing Upbit Singapore’s compliance with the Payment Services Act 2019.
The MPI licence is a crucial step for Upbit Singapore, allowing it to expand its digital asset business in Singapore, a globally recognized financial hub and a nexus for digital asset innovation. This development is aligned with Singapore’s robust regulatory framework and reputation as a leading financial center in Asia. With this license, Upbit Singapore is well-positioned to serve both institutional and retail clients, offering cutting-edge digital asset solutions and contributing significantly to Singapore’s thriving digital ecosystem.
Besides Upbit Singapore, several notable crypto-related companies have been granted the Major Payment Institution license, enabling them to offer Digital Payment Token services. These include DBS Vickers Securities, operating the DBS Digital Exchange; Digital Treasures Center, providing online digital payment solutions; FOMO Pay, a digital payment platform; Independent Reserve, a regulated crypto exchange; UK-based Revolut; Sparrow Tech Private, offering digital asset solutions; Hako Technology’s Coinhako crypto exchange platform; Paxos, specializing in blockchain technology; and MetaComp, catering to corporates and institutional investors with digital asset services. This trend underscores Singapore’s role as a significant hub for digital asset innovation and regulation.
Upbit Singapore is a wholly-owned subsidiary of Upbit APAC, which also operates regulated digital asset exchanges in Thailand and Indonesia. Upbit APAC’s portfolio includes Upbit Exchange (Thailand), regulated under the Thailand Securities and Exchange Commission, PT Upbit Exchange Indonesia, regulated under Indonesia’s Commodity Futures Trading Regulatory Agency, and VerifyVASP, the world’s largest Travel Rule solution provider for digital assets.
The granting of the MPI license to Upbit Singapore is not an isolated event but reflects a broader regulatory trend in Singapore. Other notable entities, including Sygnum Singapore, Coinbase, GSR Markets, Blockchain.com, and Crypto.com, have also secured MPI licenses. This pattern indicates Singapore’s commitment to fostering innovation while ensuring consumer protection, thereby attracting dedicated innovators to its shores.
Alex Kim, the Founder and CEO of Upbit Singapore, highlighted the importance of the MPI license in unlocking new opportunities for retail, institutional, and infrastructure-centric businesses. The interim grant of the MPI license positions Upbit Singapore among the ranks of regulated digital asset exchanges under Upbit APAC, advancing the group’s ambition to broaden its global reach and cater to institutional and infrastructure-focused businesses.
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