Upbit Singapore Attains Major Payment Institution License for Crypto Expansion

In a significant development for Singapore’s digital asset landscape, Upbit Singapore has secured a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). This milestone follows the in-principle approval granted in October 2023, marking a pivotal stride for the prominent cryptocurrency exchange in its efforts to broaden operations within the regulated framework of the region.

Strategic Growth and Regulatory Compliance

Operational since 2018, Upbit Singapore, as part of the Upbit APAC group, has served a diverse clientele, ranging from retail to institutional investors. The acquisition of the MPI license is poised to propel Upbit Singapore into an era of considerable expansion. Mr. Raks Sondhi, COO of Upbit Singapore, outlines the strategic growth plans enabled by the license. This includes scaling up operations, expanding the team, enhancing institutional business offerings, and diversifying the range of digital assets available on the platform. Notably, this growth strategy aligns closely with Singapore’s stringent regulatory standards, underscoring Upbit Singapore’s commitment to compliance and security.

Global Impact and Industry Involvement

Upbit Singapore’s achievement coincides with significant global developments in the cryptocurrency sector. All eyes are on the potential approval by the U.S. Securities and Exchange Commission of the first Spot Bitcoin ETF, a decision that could have profound implications for the entire global crypto market. Beyond its trading services, Upbit APAC, including entities like VerifyVASP, actively participates in global compliance endeavors. The group contributes to enforcing travel rule recommendations, fortifying anti-money laundering measures, and combating the financing of terrorism within the digital asset space. This active involvement positions Upbit Singapore as a key player in the institutionalization of digital assets as the crypto industry continues to evolve.

Upbit Singapore: A Beacon of Regulatory Compliance and Innovation

The Major Payment Institution license granted by MAS goes beyond a regulatory milestone; it signifies Upbit Singapore’s dedication to aligning with global standards in digital asset trading. Positioned at the forefront of the maturing crypto market, Upbit Singapore is poised to usher in a new era of regulatory-compliant innovation in the financial world. As the crypto industry navigates evolving landscapes, Upbit Singapore’s commitment to compliance, strategic growth, and global involvement positions it as a leader in shaping the future of digital assets.

Paving the Way for Regulatory-Compliant Crypto Innovation

Upbit Singapore’s recent attainment of the Major Payment Institution license marks a crucial chapter in the evolution of Singapore’s digital asset sector. Beyond regulatory accolades, this achievement positions Upbit Singapore as a trailblazer in global compliance efforts and strategic growth. As the crypto industry faces pivotal moments, Upbit Singapore stands ready to lead the charge in ushering in a new era of regulatory-compliant innovation, setting the stage for a transformative future in digital assets.

Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.

Author: Mehar Nayar

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