Upbit’s Singapore affiliate has successfully obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore, just three months after receiving in-principle approval.
Upbit Singapore aims to become a hub for institutional activities, leveraging Singapore’s regulatory framework.
“Singapore has emerged as a global hub for digital asset innovation, and its significance for institutional business cannot be overstated. Upbit Singapore is poised to be the nexus of institutional activities, capitalizing on Singapore’s robust regulatory framework and its reputation as a leading financial center in Asia.
This license marks an important step for us to serve institutional and retail clients with cutting-edge digital asset solutions contributing to Singapore’s thriving digital ecosystem,” said Alex Kim, Founder and CEO of Upbit Singapore.
The company plans to expand its digital assets, enhance liquidity, and offer institutional services with a focus on client protection. Upbit Singapore’s parent company, Upbit APAC, also operates crypto trading platforms in Thailand and Indonesia.
In South Korea, Upbit Exchange commands about 48% of the total spot crypto trading volume, handling $4.2 billion in transactions over the last 24 hours.
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