Upbit Singapore, part of the South Korea-based Upbit group, lately achieved a major milestone in its journey inside the regulated digital asset ecosystem. The Financial Authority of Singapore (MAS) granted Upbit Singapore a Main Cost Establishment (MPI) licence. This strategic growth, introduced on January 8, 2024, follows the in-principle approval (IPA) acquired in October 2023, showcasing Upbit Singapore’s compliance with the Cost Providers Act 2019.
The MPI licence is an important step for Upbit Singapore, permitting it to increase its digital asset enterprise in Singapore, a globally acknowledged monetary hub and a nexus for digital asset innovation. This growth is aligned with Singapore’s sturdy regulatory framework and fame as a number one monetary heart in Asia. With this license, Upbit Singapore is well-positioned to serve each institutional and retail purchasers, providing cutting-edge digital asset options and contributing considerably to Singapore’s thriving digital ecosystem.
Apart from Upbit Singapore, a number of notable crypto-related firms have been granted the Main Cost Establishment license, enabling them to supply Digital Cost Token providers. These embody DBS Vickers Securities, working the DBS Digital Change; Digital Treasures Middle, offering on-line digital fee options; FOMO Pay, a digital fee platform; Unbiased Reserve, a regulated crypto change; UK-based Revolut; Sparrow Tech Non-public, providing digital asset options; Hako Know-how’s Coinhako crypto change platform; Paxos, specializing in blockchain know-how; and MetaComp, catering to corporates and institutional traders with digital asset providers. This development underscores Singapore’s function as a major hub for digital asset innovation and regulation.
Upbit Singapore is a wholly-owned subsidiary of Upbit APAC, which additionally operates regulated digital asset exchanges in Thailand and Indonesia. Upbit APAC’s portfolio contains Upbit Change (Thailand), regulated underneath the Thailand Securities and Change Fee, PT Upbit Change Indonesia, regulated underneath Indonesia’s Commodity Futures Buying and selling Regulatory Company, and VerifyVASP, the world’s largest Journey Rule answer supplier for digital belongings.
The granting of the MPI license to Upbit Singapore shouldn’t be an remoted occasion however displays a broader regulatory development in Singapore. Different notable entities, together with Sygnum Singapore, Coinbase, GSR Markets, Blockchain.com, and Crypto.com, have additionally secured MPI licenses. This sample signifies Singapore’s dedication to fostering innovation whereas making certain shopper safety, thereby attracting devoted innovators to its shores.
Alex Kim, the Founder and CEO of Upbit Singapore, highlighted the significance of the MPI license in unlocking new alternatives for retail, institutional, and infrastructure-centric companies. The interim grant of the MPI license positions Upbit Singapore among the many ranks of regulated digital asset exchanges underneath Upbit APAC, advancing the group’s ambition to broaden its international attain and cater to institutional and infrastructure-focused companies.
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