The Monetary Authority of Singapore has granted a Major Payment Institution (MPI) license to Upbit Singapore. The exchange was given its preliminary approval in October 2023.
Securing the MPI license allows Upbit Singapore to broaden its digital currency operations while upholding Singapore’s stringent regulatory benchmarks.
Alex Kim, Founder and CEO of Upbit Singapore, said, “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.”
Singapore is a global epicenter for digital currency advancements, especially in the institutional domain. Leveraging Singapore’s strong regulatory environment and its esteemed status as a premier financial hub in Asia, Upbit Singapore aims to become a pivotal point for institutional endeavors.
With this MPI license, Upbit Singapore joins the ranks of regulated digital currency entities under the Upbit APAC umbrella, a leading global digital currency consortium.
Upbit Singapore’s acquisition of the MPI license further propels Upbit APAC’s ambitions of catering to institutional clientele and bolstering digital infrastructure initiatives.
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