Upbit Singapore Elevates Digital Asset Scene with Major License

Expanding Horizons: Upbit Singapore's Regulatory Triumph

In a notable advancement for Singapore's digital asset landscape, Upbit Singapore has secured a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). This achievement, an extension of the preliminary approval in October 2023, signals a pivotal moment for the esteemed cryptocurrency exchange, as it augments its footprint in the region's regulated environment.

Since its inception in 2018, Upbit Singapore, a member of the Upbit APAC consortium, has catered to a varied clientele, encompassing retail and institutional investors. The MPI license acquisition empowers Upbit to broaden its digital asset services, solidifying its standing in Singapore's dynamic digital asset market.

Strategic Growth: The Journey of Compliance and Expansion

This license paves the way for Upbit Singapore to significantly enhance its operations. Mr. Raks Sondhi, COO of Upbit Singapore, shared that the license would lead to an expansion in team size, bolster institutional business services, and diversify the array of digital assets on the exchange. Such growth resonates with Singapore's strict regulatory norms, highlighting the exchange's dedication to adherence and security.

Reflecting the overarching objectives of Upbit APAC, which manages regulated digital asset exchanges across Asia, including in Indonesia and Thailand, Upbit Singapore's approach underscores a commitment to expanding its institutional and infrastructure presence in the digital asset industry while upholding a compliant and stable operational framework.

Global Implications: The Evolution of the Crypto Sector

The granting of the MPI license to Upbit Singapore coincides with critical international movements in the cryptocurrency world. The global investor community is attentively observing the U.S. Securities and Exchange Commission's potential sanction of the first Spot Bitcoin ETF, a decision with broad implications for the worldwide crypto market.

Beyond trading services, Upbit APAC, through entities like VerifyVASP, actively contributes to global compliance initiatives. It is instrumental in enforcing travel rule recommendations, enhancing anti-money laundering protocols, and combatting the financing of terrorism in the digital asset arena. As the crypto industry evolves, Upbit Singapore is poised to play a significant role in the institutionalization of digital assets.

The MAS's licensing of Upbit Singapore transcends regulatory accomplishment; it underscores the exchange's commitment to aligning with international digital asset trading standards. As the crypto market matures, Upbit Singapore is at the vanguard, ready to lead a new epoch of regulatory-compliant innovation in the financial sphere.