Upbit Singapore Granted Preliminary Approval for a Major Payment Institution License

  Upbit

The Monetary Authority of Singapore (MAS) has given in-principle approval for a Major Payment Institution (MPI) license to Upbit Singapore, a subsidiary of the South Korean cryptocurrency exchange Upbit. This development will allow Upbit Singapore to maintain its regulated Digital Payment Token (DPT) services, which is a key step for crypto exchanges looking for regulatory approval in Singapore.

Expansion of Upbit APAC

Full granting of this license will enable Upbit Singapore to become part of the regulated digital asset exchanges under Upbit APAC. This global digital asset group comprises regulated digital asset exchanges in Indonesia and Thailand, in addition to VerifyVASP, a travel rule solution provider. The group has indicated its intention to expedite its growth towards global, institutional, and infrastructure-oriented businesses.

Building Robust Foundations

Alex Kim, founder and CEO of Upbit Singapore, reflected on the company’s journey since 2018, during which they have been establishing solid foundations for a robust digital asset business in Singapore. He considers this approval from MAS as a key strategic milestone in strengthening their presence in Singapore, a leading Asian financial hub known for its digital asset innovation.

Commitment to Trustworthy Digital Asset Businesses

Azman Hamid, Chief Compliance Officer of Upbit Singapore, expressed his pride in receiving the in-principle approval from MAS, a globally recognized financial regulator. He stated that this approval mirrors their unwavering commitment to building reliable digital asset businesses in Singapore. Hamid also highlighted their plans to collaborate with regulators, businesses, and communities to further establish Singapore as the leading hub for the next generation of financial businesses.