Singapore Approves UPbit as the Latest Crypto Platform
Despite past disappointments in the crypto industry, the Singaporean government has recently been granting approval to several crypto platforms. The latest platform to receive preliminary approval is UPbit, a South Korean giant in the crypto space.
A Spree of Approvals
Ripple, Coinbase, Sygnum, and GSR are among the companies that have already been awarded a Major Payment Institute (MPI) license by the Singaporean government this month. While there are still some details to be finalized, the in-principle agreement (IPA) allows UPbit Singapore to provide digital payment token services within Singapore. The full license will be granted later as long as no unexpected issues arise.
The CEO of UPbit, Alex Kim, sees obtaining the MPI license as a significant milestone for his firm. He recognizes Singapore’s prominence in financial markets and believes it unlocks new opportunities for businesses.
UPbit’s Dominance and Investigations
UPbit is currently the largest crypto exchange in Korea based on trading volume, surpassing its closest competitor, Bithumb. However, both exchanges were investigated earlier this year due to a local politician’s transfer of crypto holdings between them. The investigations were not necessarily indicative of any faults with the exchanges themselves.
Mutual Trust Is Key
UPbit Singapore Pte. Ltd. will operate under UPbit APAC and will contribute to maintaining Singapore’s dominance in financial markets. Azman Hamid, UPbit Singapore’s Chief Compliance Officer, expressed gratitude for the trust placed in them by the Monetary Authority of Singapore (MAS). He emphasized their commitment to building trusted digital asset businesses and establishing Singapore as a leading hub for next-generation financial businesses.
Continued Development and Growth
With the approval from MAS, UPbit will continue to develop tools for developers and enhance its trading capabilities. The company also operates VerifyVASP, a proprietary Travel Rule solution provider.
Hot Take: UPbit’s Approval Boosts Singapore’s Crypto Market
The approval of UPbit as a crypto platform in Singapore is a significant development that strengthens the country’s position in the crypto market. With the addition of UPbit to the list of approved platforms, Singapore is solidifying its reputation as a favorable destination for crypto businesses. This move not only benefits UPbit but also contributes to Singapore’s goal of becoming a leading hub for financial innovation. As more high-profile crypto platforms gain approval, it is clear that the Singaporean government recognizes the potential of cryptocurrencies and blockchain technology.
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