The Monetary Authority of Singapore (MAS) has granted crypto exchange Upbit Singapore a full payment license, enabling the company to expand its operations in the digital asset market.
This announcement comes after the initial in-principle approval (IPA) that Upbit Singapore had received in October 2023.
The firm said that the acquisition of the license marks a significant milestone for its Singapore entity, as it now joins the ranks of regulated digital asset businesses within the Upbit APAC group.
Bedsides Singapore, the group already operates regulated exchanges Indonesia and Thailand, as well as VerifyVASP, a travel rule solution provider.
The newly obtained license is expected to bolster Upbit APAC’s growth in institutional and infrastructure-related digital asset services.
Alex Kim
“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, capitalising on Singapore’s robust regulatory framework and its reputation as a leading financial centre 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,”
said Alex Kim, Founder and CEO of Upbit Singapore.
Featured image credit: Edited from Unsplash
