In a major advancement towards becoming a key player and consolidating its position in the regulated digital asset landscape, Upbit Singapore has announced its acquisition of a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).
This latest achievement positions Upbit Singapore as a key player in the country’s rapidly growing digital asset sector, aligning with the nation’s rigorous regulatory standards.
Regulatory Approval Achieved within 3 Months
Upbit, a leading cryptocurrency exchange, has secured full regulatory approval from MAS, allowing the expansion of its digital asset services. This approval comes three months after it secured the initial in-principle approval for digital token payment services.
Mr. Raks Sondhi, the company’s COO, emphasized that the granted license will facilitate team expansion, enhance institutional business offerings, and broaden the range of digital assets listed on the platform. The approval will give it a foothold in the thriving digital ecosystem of Singapore.
The Monetary Authority of Singapore while acknowledging the growth potential in the crypto sector has cautioned retail investors. It warned about the inherent volatility in cryptocurrency trading.
Approval Signals More Options for the Asian Market
Upbit Singapore was founded in 2018 and provides services to a wide range of customers, including institutional and retail users. The exchange now operates regulated digital asset exchanges in Singapore, Indonesia, and Thailand as a member of Upbit APAC.
The MPI license obtained by Upbit Singapore is a significant milestone for the local exchange and is in line with the larger strategic goals of Upbit APAC, a worldwide provider of digital assets. The organization, which has operations in several Asian nations, is growing its presence in institutional and infrastructure-related industries.
Upbit Exchange’s Industry Role
Through entities like VerifyVASP, Upbit APAC is actively contributing to global efforts to ensure compliance with travel rule recommendations, enhancing anti-money laundering (AML) efforts, and preventing terrorism financing in the digital asset space.
Upbit Singapore is poised to play a crucial role in institutionalizing digital assets, ushering in a new era of regulatory-compliant innovation in the financial landscape.
This new development from the trading platform coincides with global anticipation for the potential approval of the first Spot Bitcoin ETF by the SEC in the United States this week.