South Korean Crypto Exchange Upbit Secures MPI License in Singapore

Following the in-principle approval announced in October 2023, Upbit Singapore, a subsidiary of South Korean crypto exchange Upbit, has been granted a Major Payment Institution (MPI) license by the Monetary Authority of Singapore (MAS).

With the new license, Upbit Singapore is now able to expand its digital asset business in Singapore aligning with the region's high regulatory standards.

Alex Kim, Founder and CEO of Upbit Singapore, commented: "Singapore has emerged as a global hub for digital asset innovation, and its significance for institutional business cannot be overstated. 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. This license marks an important step for us to serve institutional and retail clients with cutting-edge digital asset solutions contributing to Singapore's thriving digital ecosystem."

Founded in 2017, Upbit is now one of South Korea's biggest crypto exchanges, supported by Bittrex and Kakao. According to Fazzaco's summary statistics of monthly trading data from the world's top 10 crypto exchanges, Upbit has performed well, with a spot trading volume of $90.77 billion in November 2023​, marking the third consecutive month of growth.