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Singapore Authorities Allow Upbit to Operate

Upbit, South Korea’s largest cryptocurrency exchange, recently received a major payment institution (MPI) license from the Monetary Authority of Singapore (MAS).

Singapore Authorities Allow Upbit to Operate

Singapore authorities allow Upbit to operate

Following stablecoin issuer Circle, US exchange Coinbase and blockchain technology company Ripple, Upbit Singapore is the next to receive approval from the Monetary Authority of Singapore (MAS), allowing the exchange to expand comprehensive cryptocurrency services in the island nation.

This achievement is the result of the announcement of the Exchange’s Principles (IPA) in October 2023.

Founder and CEO Alex Kim proudly shares Upbit’s new progress:

Upbit Singapore is poised to become a hub for institutional operations, leveraging Singapore’s strong regulatory framework and reputation as a leading financial center in Asia.

In addition to the branch in Singapore, parent company Upbit APAC is also operating branches in Thailand and Indonesia.

In South Korea, the exchange’s headquarters, Upbit accounts for about 48% of the entire market’s trading share, according to CoinMarketCap. Upbit is also one of five fully licensed exchanges in Korea, alongside Bithumb, Coinone, Korbit and Gopax.

Source: AZC News

Disclaimer. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.


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