Upbit Singapore Obtains a Complete Digital Asset License From MAS

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Last Updated on January 9, 2024 by Bitfinsider

The Singapore unit of South Korean cryptocurrency exchange Upbit has received a Major Payment Institution (MPI) license from the city-state’s chief financial regulator.

The Monetary Authority of Singapore granted the license less than three months after the business gained in-principle clearance from the regulator in October.

“Upbit Singapore is poised to be the nexus of institutional activities, capitalizing on Singapore’s robust regulatory framework and its reputation as a leading financial center in Asia,” the company’s founder and CEO Alex Kim said in a statement on Monday.

Upbit Singapore’s parent firm, Upbit APAC, also runs cryptocurrency trading platforms in Thailand and Indonesia, according to the statement.

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