The Monetary Authority of Singapore (MAS) has officially granted Upbit Singapore a Major Payment Institution (MPI) license, marking a pivotal advancement in its commitment to complying with the Payment Services Act 2019.

Alex Kim, the Founder and CEO of Upbit Singapore, mentioned: "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."

Upbit's Global Expansion

This milestone places Upbit Singapore, a subsidiary of Upbit APAC, within the purview of the global digital asset group. Upbit APAC oversees regulated digital asset exchanges in Singapore, Indonesia, and Thailand.

Upbit Singapore's attainment of the MPI license from MAS represents not just a regulatory triumph but a significant leap toward facilitating the integration of digital assets within the institutional finance landscape.

Expect ongoing updates as this story evolves.