Upbit cements its Singapore presence with a Major Payment Institution (MPI) license

Upbit’s Singapore subsidiary has received a Major Payment institution license from the nation’s Monetary Authority of Singapore (MAS). That will allow the cryptocurrency exchange to grow its business in line with the regulatory framework.

The latest development comes months after the regulator allowed the exchange to offer cryptocurrency services.

Upbit Singapore to offer regulated services

The press release revealed that the Monetary Authority of Singapore granted the trading firm an MPI license. The new certificate positions the exchange among the few trading platforms that run according to Singapore’s strict regulatory framework.

The exchange can now benefit from Singapore’s status as a global cryptocurrency hub and the country’s robust regulations. Upbit will build its reputation as a legal exchange to serve institutional and retail customers.

Upbit Singapore CEO and founder Alex Kim trusts the platform’s top-notch trading solutions will propel Singapore’s flourishing crypto market. He added,

“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.”

With the MPI certificate, Upbit Singapore joins the list of regulated crypto businesses in Upbit APAC’s portfolio. Upbit APAC is a renowned digital asset group operating licensed exchanges in Singapore, Thailand, and Indonesia.

Singapore establishes itself as a global hub for digital coins while prioritizing legitimacy. Recently, the nation introduced updated rules on Digital Payment Token services, banning retail clients from using credit cards when purchasing cryptocurrencies.

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