Crypto exchange Upbit Singapore has received a Major Payment Institution (MPI) licence from the Monetary Authority of Singapore (MAS). Building on the previously announced in-principle approval (IPA) in October 2023, this accomplishment showcases Upbit Singapore's ability to adhere to the Payment Services Act 2019.

With the newly obtained Monetary Authority of Singapore Payment Institution (MPI) license, Upbit Singapore can now extend its digital asset operations in accordance with Singapore's stringent regulatory standards. Officials from Upbit said that 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, capitalising on Singapore's robust regulatory framework and its reputation as a prominent financial centre in Asia.

This licence marks an important step for them to serve institutional and retail clients with cutting-edge digital asset solutions contributing to Singapore's thriving digital ecosystem. With its MPI licence, Upbit Singapore became one of the latest regulated digital asset business in the portfolio of Upbit APAC, a prominent global digital asset group. Now, Upbit APAC operates regulated digital asset exchanges in Singapore, Indonesia, and Thailand along with VerifyVASP, a global Travel Rule solution provider.

The MPI licence secured by Upbit Singapore propels Upbit APAC's expansion towards institutional and infrastructure-focused businesses, empowering committed builders. Previous news from Upbit In April 2020, Chainalysis, a US-based company, has extended its partnership with south Korea-based Upbit to provide blockchain analysis support across the Asia-Pacific (APAC) region. Upbit APAC utilises Chainalysis' KYT service to ensure a secure trading environment and adherence to regional procedures.

The KYT service monitors cryptocurrency transactions in real-time, identifying suspicious activity related to potential criminal involvement. With South Korea overseeing Upbit Korea's operations, the exchange aims to enhance compliance. Additionally, the partnership positions Upbit ahead of regulatory frameworks in countries such as Thailand, Indonesia, and Singapore, as it prepared to comply with upcoming Financial Action Task Force (FATF) guidelines.

More information about Upbit Upbit Singapore is a wholly owned subsidiary of Upbit APAC. As the holding company, Upbit APAC operates Upbit Exchange (Thailand), a regulated digital asset exchange and broker under Thailand SEC, Upbit Exchange Indonesia, a regulated digital asset exchange under Indonesia BAPPEBTI, and VerifyVASP, a Travel Rule solution provider for digital assets. .