In a landmark move for Singapore’s digital asset sector, Upbit Singapore has been granted a Major Payment Institution (MPI) license by the Monetary Authority of Singapore (MAS). This development, a follow-up to the in-principle approval received in October 2023, marks a significant step for the leading cryptocurrency exchange in expanding its operations within the region’s regulated framework.
Upbit Singapore, part of the Upbit APAC group, has been operational since 2018. It serves a diverse range of clients, including both retail and institutional investors. The acquisition of the MPI license enables Upbit to offer a broader spectrum of digital asset services, reinforcing its position in Singapore’s competitive digital asset marketplace.
Expansion and compliance: Upbit Singapore’s strategic growth
The newly obtained license allows Upbit Singapore to scale up its operations considerably. Mr. Raks Sondhi, COO of Upbit Singapore, indicated that the license would expand team size, enhance institutional business offerings, and increase the variety of digital assets listed on the platform. This growth aligns with Singapore’s rigorous regulatory standards, emphasizing the exchange’s commitment to compliance and security.
Upbit Singapore’s approach reflects the broader goals of Upbit APAC, which operates regulated digital asset exchanges in various Asian countries, including Indonesia and Thailand. The group focuses on extending its reach in the institutional and infrastructure domains of the digital asset industry, demonstrating a strong commitment to maintaining a compliant and stable operational framework.
Global impact and industry evolution
The attainment of the MPI license by Upbit Singapore coincides with significant global developments in the cryptocurrency sector. Investors worldwide closely watch the U.S. Securities and Exchange Commission’s potential approval of the first Spot Bitcoin ETF. This decision could have far-reaching implications for the global crypto market.
In addition to its trading services, Upbit APAC, through its entities like VerifyVASP, plays an active role in global compliance efforts. It contributes to enforcing travel rule recommendations, strengthening anti-money laundering measures, and combating the financing of terrorism within the digital asset space. This involvement is pivotal as the crypto industry continues to evolve, with Upbit Singapore poised to play a key role in the institutionalization of digital assets.
The licensing of Upbit Singapore by MAS is more than a regulatory achievement; it is a testament to the exchange’s commitment to aligning with global standards in digital asset trading. Upbit Singapore stands at the forefront as the crypto market matures, ready to usher in a new era of regulatory-compliant innovation in the financial world.