Upbit Singapore Successfully Obtains Significant Cryptocurrency License, Aims to Expand Digital Asset Presence in Asia
Upbit APAC’s branch in Singapore, known as Upbit Singapore, has recently obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). This license allows Upbit Singapore to provide a range of digital asset services, including trading, custody, and payments. It also enables them to become a principal member of Visa and Mastercard, facilitating card-based digital asset transactions. This achievement further solidifies Upbit Singapore’s position in Singapore’s strict regulatory environment.
Singapore has gained a reputation for its forward-thinking approach to digital asset regulations. The Payment Service Act (PSA) of 2020, which came into effect in January 2020, establishes clear guidelines for digital payment services. All digital asset providers in Singapore must obtain a license from MAS to ensure compliance with anti-money laundering, counter-terrorist financing, customer due diligence, and cybersecurity standards.
The MPI license obtained by Upbit Singapore demonstrates their commitment to meeting the high standards set by the PSA. It aligns with Upbit APAC’s strategy to expand its institutional and infrastructure-focused operations. Upbit APAC already operates in Thailand and Indonesia and offers solutions through VerifyVASP, a leading travel rule solution for digital assets. The MPI license enhances Upbit APAC’s position in the regulated digital asset market.
Alex Kim, the founder and CEO of Upbit Singapore, praised Singapore’s reputation as a leading financial center in Asia and its robust regulatory framework. He believes that Singapore’s favorable environment makes it an ideal location for institutional activities. Kim also expressed confidence in Upbit Singapore’s ability to serve both institutional and retail clients with cutting-edge digital asset solutions, thus contributing to Singapore’s thriving digital ecosystem.
With its innovative approach to digital asset regulations and its clear guidelines for digital payment services, Singapore is undoubtedly at the forefront of responsible crypto innovation. Upbit Singapore’s MPI license further strengthens the country’s position in the global digital asset market.