South Korea’s main crypto trade Upbit’s subsidiary Upbit Singapore announced that it has obtained a Main Fee Establishment License from the Financial Authority of Singapore.
This accomplishment follows the beforehand introduced in-principle approval (IPA) in October 2023, underneath the Fee Companies Act 2019.
The newly obtained MPI license positions Upbit Singapore among the many few totally licensed exchanges that function in step with Singapore’s stringent regulatory requirements.
Upbit to Present Companies to Retail and Institutional Shoppers
Alex Kim, Founder and CEO of the Singapore subsidiary mentioned on the event,
“Singapore has emerged as a worldwide hub for digital asset innovation, and its significance for institutional enterprise can’t be overstated. Upbit Singapore is poised to be the nexus of institutional actions, capitalizing on Singapore’s sturdy regulatory framework and its fame as a number one monetary middle in Asia. This license marks an essential step for us to serve institutional and retail shoppers with cutting-edge digital asset options contributing to Singapore’s thriving digital ecosystem.”
The crypto trade, now holding the MPI license, turns into the newest addition to Upbit APAC’s portfolio—a outstanding international digital asset group.
The APAC arm of the trade already operates regulated digital asset exchanges in Singapore, Indonesia, and Thailand. Moreover, it manages VerifyVASP, a globally acknowledged Journey Rule answer supplier.
The acquisition of the MPI license aligns with the corporate’s strategic give attention to increasing into institutional and infrastructure-focused companies.
Upbit Singapore has joined 15 different crypto corporations who’ve secured Main Fee Establishment Licnese from the Financial Authority of Singapore, together with Coinbase and Ripple.
Earlier, Ripple CEO Brad Garlinghouse praised Singapore saying that the nation has change into one of many main fintech and crypto hubs underneath MAS’ management, “putting the steadiness between innovation, shopper safety and accountable development.”