Upbit Singapore MPI License Helps Expand Digital Payment Token Services: Report
- Upbit Singapore, a subsidiary of Upbit, has received in-principle approval for an MPI license from MAS.
- The approval allows Upbit Singapore to offer regulated Digital Payment Token services while awaiting the full license.
The Upbit Singapore MPI license allows Upbit Singapore to continue offering regulated Digital Payment Token services while waiting for the full license, as per PR Newswire.
Upbit Singapore, a subsidiary of South Korea’s largest exchange Upbit, has received in-principle approval for a Major Payments Institution (MPI) license from the Monetary Authority of Singapore (MAS). The approval allows Upbit Singapore to continue offering regulated Digital Payment Token services while waiting for the full license.
Upbit Singapore MPI License
The Upbit Singapore MPI license is part of its efforts to establish a strong digital asset business in Singapore, which is known for its innovation in the financial sector. This milestone deepens Upbit’s presence in Singapore and unlocks new opportunities for retail, institutional, and infrastructure-focused businesses.
Singapore’s MAS is renowned for its high regulatory standards and commitment to consumer protection, making it an attractive location for digital asset businesses. Upbit Singapore’s Chief Compliance Officer, Azman Hamid, expressed pride in receiving the in-principle approval from MAS and emphasized the company’s commitment to building trusted digital asset businesses in Singapore.
In October, the Singapore entities of Coinbase, Ripple, GSR and Sygnum Bank all received MAS licensing approval, bringing the total number of MAS-licensed companies to 15.
Upbit Singapore will join the group of regulated digital asset exchanges operated under Upbit APAC, which includes exchanges in Indonesia and Thailand, as well as VerifyVASP, a leading Travel Rule solution provider. The thereof plan will align with Upbit APAC’s goal of expanding globally and empowering committed builders in the digital asset industry.