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Upbit Singapore Obtains Major Payment Institution License from Monetary Authority of Singapore

Upbit Singapore, the subsidiary of South Korea’s leading crypto exchange Upbit, has obtained a Major Payment Institution License from the Monetary Authority of Singapore (MAS). This development comes after Upbit Singapore received an in-principle approval (IPA) in October 2023 under the Payment Services Act 2019.

Joins Select Group of Licensed Exchanges

With the MPI license, Upbit Singapore joins a select group of fully licensed exchanges under Singapore’s strict regulatory environment. The license allows Upbit Singapore to provide financial services to both retail and institutional clients.

Strategic Move to Expand Into Institutional Domain

Upbit Singapore aims to be a key player for institutional activities in Singapore, leveraging its robust regulatory framework and status as a major financial hub in Asia. The MPI license is part of Upbit APAC’s larger goals, alongside running regulated digital asset exchanges in Singapore, Indonesia, and Thailand, and operating VerifyVASP, a Travel Rule solution provider. The strategic move is focused on expanding into institutional and infrastructure domains in the financial industry.

Upbit Singapore is one of 16 crypto firms that have been granted the Major Payment Institution License by the MAS, joining other prominent names such as Coinbase and Ripple. Ripple CEO Brad Garlinghouse had earlier commended Singapore for its fintech and crypto-friendly ecosystem fostered by the MAS.

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Upbit Singapore announced getting the MPI license:

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Upbit Singapore announced

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