Leading South Korean crypto exchange Upbit has been granted regulatory approval by Singapore’s main financial regulator. The authorization will allow the trading platform to provide regulated services in the Southeast Asian city-state which has established itself as a crypto hub.
Upbit Singapore Gets In-Principle Approval for Major Payment Institution License
The Singapore subsidiary of cryptocurrency exchange Upbit, one of South Korea’s four largest digital asset exchanges, has received a regulatory approval from the Monetary Authority of Singapore (MAS), the island nation’s central banking institution.
Upbit Singapore Secures In-Principle Approval from the MAS
We are pleased to announce that the Monetary Authority of Singapore (MAS) has granted an in-principle approval (IPA) for a Major Payment Institution (MPI) licence to Upbit Singapore Pte. Ltd. pic.twitter.com/AFC3IDBz6j
— Upbit Global (@upbitglobal) October 16, 2023
The in-principle approval enables Upbit Singapore to continue to provide regulated “digital payment token services” in compliance with the country’s Payment Services Act from 2019 while awaiting to be granted a full Major Payment Institution (MPI) license.
Alex Kim, founder and CEO of Upbit Singapore, noted that the platform has been laying the foundations for its digital asset business in Singapore since 2018, emphasizing that the regulatory nod is a milestone in its efforts to deepen its presence there. He also pointed out:
Singapore, as our global powerhouse, unlocks new capabilities for retail, institutional, and infrastructure focused businesses.
Authorities in Singapore have been taking steps to regulate its crypto space and the MAS has been working with companies in the industry to set standards and promote financial innovation while ensuring consumer protection. Earlier this month, the central bank licensed blockchain company Ripple and America’s leading crypto exchange, Coinbase.
“Through engaging collaboration with the regulator, businesses and communities, we will contribute to further establish Singapore as the leading hub for the next generation of financial businesses,” stated Azman Hamid, chief compliance officer of Upbit Singapore.
When it receives the MPI license, Upbit Singapore will join other regulated subsidiaries of the South Korean exchange’s holding in the Asia-Pacific region, Upbit APAC. The latter already operates licensed cryptocurrency exchanges in Indonesia and Thailand.
Do you expect Singapore to license more major cryptocurrency platforms this year? Tell us in the comments section below.
