South Korean cryptocurrency trading platform The main financial authority in the city-state of Singapore has granted a Major Payment Institution (MPI) license to Upbit’s Singaporean affiliate.
Less than three months have passed since the organization obtained in-principle clearance from the regulator in October, when the Monetary Authority of Singapore granted the license.
The company’s founder and CEO, Alex Kim, stated in a statement on Monday that “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.”
“We will expand the range of digital assets accessible, in addition to liquidity and institutional service provisions, while prioritizing client safety measures,” Upbit Singapore’s chief operating officer, Raks Sondhi, stated in answer to a query from The Block.
According to the statement, Upbit APAC, the parent company of Upbit Singapore, also runs cryptocurrency trading platforms in Thailand and Indonesia.
According to CoinMarketCap data, Upbit exchange accounts for almost 48% of the spot cryptocurrency trading volume in South Korea. According to the data, it processed cryptocurrency transactions totaling $4.2 billion on the previous day. It is one of the five exchanges in South Korea with a complete license, the other four being Bithumb, Coinone, Korbit, and Gopax.
Upbit is a premier digital asset exchange worldwide. Upbit, the top exchange in the world with cutting-edge blockchain technology, operational know-how, and regulatory know-how, powers Upbit Singapore. With years of experience running a large-scale stock trading system, Upbit offers user-friendly service and security comparable to that of financial institutions. +150 Digital Assets are supported with real-time security monitoring around-the-clock for improved security.
It is powered by world-class security system accredited to ISO 27001, ISO 27017, and ISO 27018 standards.
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