Upbit Singapore is excited to announce its strategic achievements in the regulated digital asset ecosystem. The Monetary Authority of Singapore (MAS) has granted the company a Major Payment Institution (MPI) license.
This achievement follows an initial In-Principle Approval (IPA) announced in October 2023, demonstrating our ability to comply with the Payment Services Act 2019. Now, with the MPI license, we can now expand our digital asset business in line with Singapore’s high regulatory standards.
“Singapore is emerging as a global hub for digital asset innovation and its importance for institutional business cannot be overstated. Leveraging our reputation as a financial center, we are poised to become a nexus of activity for institutional investors. This license provides institutions with cutting-edge digital asset solutions that contribute to Singapore’s thriving digital ecosystem. This is an important step for us to offer our retail customers.” Founder and CEO Alex Kim said:
The MPI license makes Upbit Singapore the latest regulated digital asset business in the portfolio of Upbit APAC, a prominent global digital asset group. Currently, Upbit APAC operates regulated digital asset exchanges in Singapore, Indonesia, and Thailand with VerifyVASP, the world’s leading travel rules solution provider. The secured MPI license will drive Upbit APAC’s expansion into institutional and infrastructure-centric businesses and empower aspiring construction contractors.