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- Upbit gets major crypto license which lets them offer trading, custody, and payments in Singapore.
- Singapore's clear digital asset regulations attract players while ensuring anti-money laundering and security.
- The license strengthens Upbit's presence in Southeast Asia and helps them serve institutional clients.
Upbit Singapore, a branch of the renowned global digital asset firm Upbit APAC, has received a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). This achievement, following initial approval in October 2023, strengthens Upbit Singapore’s role in Singapore’s strict regulatory environment.
Now, they can expand their digital asset business and continue thriving!
Singapore Takes the Lead
Singapore is known for its innovative approach to digital asset regulations. The Payment Service Act (PSA) of 2020, effective from January 18, 2020, sets clear guidelines for digital payment services. Under the PSA, all digital asset providers must get a license from MAS. This ensures adherence to anti-money laundering (AML), counter-terrorist financing (CTF), customer due diligence (CDD), and cybersecurity standards.
Upbit Singapore: Meeting High Standards
The MPI license is a major step for Upbit Singapore, highlighting its dedication to the PSA’s standards. With this license, Upbit Singapore can offer various digital asset services, including trading, custody, and payments. Additionally, it allows Upbit Singapore to join Visa and Mastercard as a principal member, facilitating card-based digital asset transactions.
This license aligns with Upbit APAC’s strategy to expand its institutional and infrastructure-focused operations. Upbit APAC already operates in Thailand and Indonesia and provides solutions through VerifyVASP, a leading travel rule solution for digital assets. The MPI license enhances Upbit APAC’s position in the regulated digital asset market.
Let’s Hear It from the Man Himself
Alex Kim, founder and CEO of Upbit Singapore, commented that Singapore’s reputation as a leading financial center in Asia and its robust regulatory framework make it an ideal location for institutional activities. He added that Upbit Singapore is well-positioned to serve both institutional and retail clients with cutting-edge digital asset solutions, contributing to Singapore’s thriving digital ecosystem.
What do you think – is Singapore leading the way in responsible crypto innovation?