Enhancing its Market Presence: Upbit Obtains Full License from Singapore's Regulatory Authority

South Korean cryptocurrency exchange Upbit has received full licensing from the Monetary Authority of Singapore (MAS), marking a significant milestone in its expansion within the Southeast Asian market. This regulatory approval grants Upbit a Major Payment Institution (MPI) licence, enabling the provision of regulated digital payment token (DPT) services in Singapore.

Regulatory Milestone: Obtaining the MPI License

Having initially secured in-principle approval from MAS last year, Upbit has now finalised its licensing, demonstrating compliance with Singapore's Payment Services Act (PSA) of 2019. This licensing framework outlines clear guidelines for cryptocurrency entities, ensuring regulated operations within the country's legal framework.

Implications of the MPI License

The acquisition of the MPI licence signifies Upbit's readiness to broaden its offerings, echoing its commitment to expand the scope of services provided to clients in Singapore. This development aligns Upbit with other prominent players in the country's crypto landscape, such as Coinbase and Crypto.com, that have also acquired similar licences.

Upbit's Strategic Vision and Future Plans

Acknowledging the full licensing, Upbit expressed plans to utilise this milestone to bolster its institutional business offerings, expand its listed digital assets, and further augment its team. Mr. Raks Sondhi, the COO of Upbit Singapore, emphasised the significance of the licence in facilitating team expansion, institutional business growth, and diversification of digital asset portfolios.

Noteworthy Insights and Connections

Upbit Singapore, established in 2018, serves both retail and institutional clients, maintaining connections with Upbit Korea, one of South Korea's largest exchanges. The Singapore entity operates within Upbit Apac, overseeing regulated digital asset exchanges across Singapore, Indonesia, and Thailand.

Beyond Exchange Operations: Diverse Endeavours

Additionally, Upbit's involvement extends beyond exchange operations. The team also manages VerifyVASP, a Singapore-based entity focused on providing travel rule solutions, in line with global recommendations from the Financial Action Task Force (FATF). This initiative aims to prevent money laundering and terrorism financing by facilitating information exchange among financial institutions.

Future Prospects and Job Opportunities

With plans for team expansion, Upbit Singapore anticipates recruiting talents in various domains including business development, customer service, and compliance roles. This growth trajectory aligns with Upbit's commitment to enhancing its presence and offerings within the region.

Positive Growth and Regulatory Compliance

In conclusion, Upbit's attainment of full licensing in Singapore not only signifies its adherence to regulatory norms but also showcases its dedication to expanding its footprint in the Southeast Asian crypto market. The licensing milestone serves as a testament to Upbit's commitment to compliance and its strategic vision for market expansion.

Striking a Balance Between Expansion and Compliance

This accomplishment underlines Upbit's commitment to regulatory compliance, essential for sustained growth and credibility in the volatile cryptocurrency landscape. While expanding its services and team, Upbit maintains a balance between innovation and adherence to regulatory frameworks, ensuring a stable and reputable presence in the evolving crypto industry.