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South Korean crypto exchange Upbit has <a href="https://www.prnewswire.com/apac/news-releases/upbit-singapore-receives-mpi-licence-from-the-mas-302026978.html" target="_blank" rel="noopener noreferrer nofollow">secured </a>a full license in Singapore, enabling its digital asset business to expand in the region.
Upbit received final regulatory approval in Singapore with the exchange announcing it had secured a full license on Jan. 8. The latest development is three months after the exchange announced it had received <a href="https://crypto.news/upbit-receives-license-from-singapores-financial-regulator/" rel="noopener noreferrer nofollow">in-principle approval </a>from the <a href="https://crypto.news/singapore-mas-curbs-speculation-introduces-new-rules/" rel="noopener noreferrer nofollow">Monetary Authority of Singapore</a> (MAS) for offering digital token payment services.
<blockquote class="wp-block-quote">
 “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.” <cite>Alex Kim, founder and CEO of Upbit Singapore</cite>
</blockquote>
Notably, Upbit Singapore, established in 2018, serves a diverse clientele catering to retail and institutional participants.
The Singapore crypto firm has ties to one of South Korea’s largest exchanges, <a href="https://crypto.news/authorities-raid-upbit-and-bithumb-in-connection-with-south-korean-crypto-scandal/" rel="noopener noreferrer nofollow">Upbit Korea</a>, which was founded in 2017.
You might also like: <a href="https://crypto.news/upbit-exchange-hacking-attacks-doubled-in-2023/" rel="noopener noreferrer nofollow"> Upbit exchange hacking attacks doubled in 2023 </a>
As a key component of the digital asset group Upbit APAC, Upbit Singapore will operate alongside its sister exchanges in Indonesia and Thailand, all of which are regulated digital asset platforms.
In addition, Upbit APAC, through its subsidiaries such as VerifyVASP, will be playing an active role in supporting global initiatives for crypto adoption. These initiatives aim to comply with travel rule recommendations, intensify anti-money laundering (AML) measures, and counter the financing of terrorism within the digital asset sector.
The announcement from Upbit also comes at a crucial time, coinciding with global investors’ anticipation of the U.S. Securities and Exchange Commission’s (SEC) potential approval of the first <a href="https://crypto.news/spot-bitcoin-etfs-issuers-get-final-deadline-to-change-applications/" rel="noopener noreferrer nofollow">Spot Bitcoin ETF</a> in the US this week.
Read more: <a href="https://crypto.news/issuers-reach-significant-milestone-spot-bitcoin-etfs/" rel="noopener noreferrer nofollow"> Spot Bitcoin ETF approval: Issuers reach significant milestone </a>

Crypto exchange Upbit secures full operational license in Singapore

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