The Monetary Authority of Singapore (MAS) has officially issued a Major Payments Institution (MPI) license to Upbit Singapore, marking a major step forward for the company in complying with the country's cryptocurrency regulations.。

Alex Kim, founder and CEO of Upbit Singapore, said: "Singapore has become a global hub for digital asset innovation, and its importance to institutional businesses cannot be overemphasized.。Leveraging Singapore's robust regulatory framework and its reputation as Asia's leading financial centre, Upbit Singapore is poised to become a hub for institutional activity.。"

"This license marks an important step forward in serving institutional and retail customers with cutting-edge digital asset solutions, contributing to Singapore's thriving digital ecosystem."。

Upbit's Global Expansion

This milestone brings Upbit Asia Pacific subsidiary Upbit Singapore under the jurisdiction of the Global Digital Assets Group。Upbit APAC oversees digital asset exchanges in Singapore, Indonesia and Thailand。

In October, Upbit received approval in principle for an MPI license issued by the Monetary Authority of Singapore, marking an important step in the company's regulatory victory in facilitating the integration of digital assets into institutional finance.。

Singapore's reputation for comprehensive regulation in the cryptocurrency space has made it a hub for global cryptocurrency-related businesses。

The Cryptocurrency Landscape in Singapore

Collaboration between Singapore's government, financial institutions, businesses and the public strengthens its position as a hub of cryptocurrency innovation alongside Switzerland and the UAE。

The trend of obtaining MPI licenses in Singapore is not unique to Upbit。Ripple, Coinbase and Sygnum have also received these licenses, highlighting Singapore's appeal to cryptocurrency companies seeking to regulate expansion.。

Payoneer, Blockchain.Well-known entities such as com and TerraPay have further enhanced Singapore's appeal to cryptocurrency businesses, highlighting Singapore's key role in shaping the global cryptocurrency landscape.。

Recently, the Monetary Authority of Singapore introduced new regulations to discourage speculation and protect cryptocurrency users。Regulator unveils strict guidelines for digital payment token (DPT) service providers in the country。

These regulations will revolutionize the way cryptocurrency entities operate in Singapore and will be implemented by mid-2024.。Under new regulations, the MAS requires DPT service providers to radically transform the way they do business。These guidelines cover a number of important aspects and highlight the need for accountability and risk reduction。