Upbit, South Korea's largest exchange by volume, announced that its Upbit Singapore unit has received a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).
The license marks an important milestone in the company's expansion strategy and will allow the exchange to strengthen its position in Asia's largest financial center and expand its digital asset business in compliance with Singapore's regulatory requirements.
In addition, the MPI will enable the exchange to launch fiat-to-cryptocurrency exchange services in Singapore, providing its users with greater flexibility and accessibility in managing their digital assets.
The receipt of the MPI comes three months after Upbit Singapore received in-principle approval (IPA) from the MAS to offer digital token payment services in Singapore, PR Newswire reported. The in-principle approval means that the company is able and willing to comply with the Payment Services Act 2019.
"Singapore has become a global hub for digital asset innovation, and its importance to the institutional business cannot be overstated. Upbit Singapore is poised to become the nexus of institutional activity, leveraging Singapore's robust regulatory framework and reputation as Asia's leading financial center," said Alex Kim, founder and CEO of Upbit Singapore, upon receiving the license.
"This license marks an important step for us in providing institutional and retail clients with advanced digital asset solutions that contribute to Singapore's thriving digital ecosystem," he added.
The achievement reflects Upbit's commitment to regulatory compliance and is in line with the exchange's dedication to providing users with a secure and convenient platform for trading and investing.
