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Crypto exchange Upbit Singapore secured a Major Payment Institution (MPI) License from the Monetary Authority of Singapore (MAS), allowing the exchange to expand its business in Singapore.
The Singapore subsidiary of South Korean crypto exchange Upbit has received a full license in Singapore. Upbit Singapore previously secured an in-principle approval from the Singapore Monetary Authority (MAS).
Expanding Institutional Business Offerings
Upbit Singapore, the Singapore subsidiary of South Korean cryptocurrency exchange Upbit, announced that it has been granted a Major Payment Institution (MPI) license by the Monetary Authority of Singapore (MAS).
The Strait Times, citing Mr Raks Sondhi, COO of the exchange, says Upbit Singapore’s MPI license allows the exchange to grow its team, expand its institutional business offering and increase the number of digital assets it lists.
The exchange previously received “in-principle” approval from the MAS to offer users digital asset services. At the time, Upbit Singapore said the approval allowed it to continue offering regulated digital payment token services in compliance with the Payment Services Act of 2019. According to a statement:
“We are pleased to announce that the Monetary Authority of Singapore (MAS) has granted an in-principle approval (IPA) for a Major Payment Institution (MPI) license to Upbit Singapore Pte. Ltd. (Upbit Singapore). The IPA enables Upbit Singapore to continue providing regulated Digital Payment Token services in compliance with the Payment Services Act 2019 whilst awaiting the grant of the full license.”
Founder and CEO of Upbit Singapore, Alex Kim, commented on the exchanges’ MPI license award, saying:
“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.”
Upbit Apac and VerifyVASP
According to reports, Upbit Singapore is part of the digital asset group Upbit Apac. Upbit Apac operated regulated asset exchanges in Singapore, Indonesia, and Thailand. Upbit Apac is also behind the Singapore travel rule solution provider VerifyVASP. VerifyVASP is one of the largest travel rule solutions providers.
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