Upbit strengthens presence in Singapore with major payment institution (MPI) license
2024-01-08 07:16:15 Eastern Standard Time
Upbit’s Singapore subsidiary has been awarded a major payment institution license from the Monetary Authority of Singapore (MAS). This will allow crypto exchanges to grow their businesses in line with the regulatory framework.
The latest development comes months after regulators allowed exchanges to offer cryptocurrency services.
Upbit Singapore provides regulated services
The press release revealed that the Monetary Authority of Singapore has granted the trading company an MPI license. The new certification positions the exchange as one of the few trading platforms that operate under Singapore’s strict regulatory framework.
The exchange can now benefit from Singapore’s status as a global crypto hub and the country’s strong regulations. Upbit continues to build its reputation as a legal exchange serving institutional and retail customers.
Upbit Singapore CEO and founder Alex Kim believes the platform’s first-class trading solutions will drive Singapore’s thriving crypto market. he added,
“This license is an important step in providing our institutional and retail customers with cutting-edge digital asset solutions that contribute to Singapore’s thriving digital ecosystem.”
With the MPI certificate, Upbit Singapore joins the list of regulated crypto businesses in Upbit APAC’s portfolio. Upbit APAC is a well-known digital asset group that operates licensed exchanges in Singapore, Thailand, and Indonesia.
Singapore has established itself as a global hub for digital coins, prioritizing legitimacy. Recently, the country introduced updated regulations regarding digital payment token services, prohibiting retail customers from using credit cards to purchase cryptocurrencies.
The post Upbit strengthens its presence in Singapore with Major Payment Institution (MPI) license appeared first on Invezz