Upbit Singapore, part of South Korea-based Upbit, has received a Major Payment Institution (MPI) licence from the Monetary Authority of Singapore.
The digital asset exchange received its in-principle approval in October 2023.
Upbit Singapore is a wholly-owned subsidiary of Upbit APAC. The latter operates Upbit Exchange (Thailand), a regulated digital asset exchange and broker under the Thailand Securities and Exchange Commission; PT Upbit Exchange Indonesia, a regulated digital asset exchange under Indonesia’s Commodity Futures Trading Regulatory Agency; and VerifyVASP, the world’s largest Travel Rule solution provider for digital assets.
With its MPI licence, Upbit Singapore became the latest regulated digital asset business in Upbit APAC’s portfolio.
“This licence 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,” says Upbit Singapore founder and CEO Alex Kim.
