- Full regulatory permission from MAS has allowed Upbit to expand its digital asset services.
- This update follows the exchange’s first in-principle approval, three months ago.
Upbit Singapore has announced that it has obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), marking a major step towards solidifying its position in the regulated digital asset exchange.
Moreover, Upbit Singapore is now well-positioned to play a key role in the growing digital asset industry in Singapore, thanks to this new accomplishment, which follows the previous in-principle clearance in October 2023 and is in line with the nation’s strict regulatory criteria.
Strategic Expansion
Also, full regulatory permission from MAS has allowed Upbit to expand its digital asset services. This update follows the exchange’s first in-principle approval, which occurred three months ago.
Moreover, Upbit Singapore’s chief operating officer, Mr. Raks Sondhi, has said that the new license would allow the company to hire more people, improve its services for institutions, and add more digital assets to its platform.
Despite MAS’s recognition of the crypto sector’s growing potential, the regulator has warned ordinary investors of the inherent volatility of cryptocurrency trading.
Significantly, Upbit Singapore, which was founded in 2018, caters to a wide range of customers, including both retail and institutional investors. The exchange’s new regulated digital asset exchanges in Singapore, Indonesia, and Thailand demonstrate its dedication to a strong and compliant operating structure, and they are now part of Upbit APAC.
Furthermore, gaining an MPI license is a major step forward for Upbit Singapore and the worldwide digital asset organization Upbit APAC as a whole. This multinational conglomerate is increasing its influence in the institutional and infrastructural sectors across a number of Asian nations.
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