Upbit Singapore Receives Regulatory Approval from Monetary Authority of Singapore
Upbit, one of South Korea’s largest cryptocurrency exchanges, has obtained regulatory approval from the Monetary Authority of Singapore (MAS) for its Singapore subsidiary. This approval allows Upbit Singapore to offer regulated services in the city-state, which has established itself as a crypto hub.
In-Principle Approval for Major Payment Institution License
The regulatory approval granted to Upbit Singapore is an in-principle approval for a Major Payment Institution (MPI) license. This authorization allows the exchange to continue providing regulated “digital payment token services” in compliance with Singapore’s Payment Services Act while awaiting full MPI license.
Building Presence in Singapore
Alex Kim, founder and CEO of Upbit Singapore, expressed that the platform has been actively establishing its digital asset business in Singapore since 2018. He sees the regulatory approval as a milestone in their efforts to deepen their presence in the country.
Singapore’s Regulatory Efforts
Singapore has been proactive in regulating its crypto industry, with the MAS working closely with companies to set standards and promote financial innovation while ensuring consumer protection. Earlier this month, Ripple and Coinbase also received licenses from the MAS.
Contributing to Singapore’s Financial Hub Status
Azman Hamid, chief compliance officer of Upbit Singapore, stated that through collaboration with regulators, businesses, and communities, they aim to establish Singapore as a leading hub for next-generation financial businesses.
Joining Upbit’s Regulated Subsidiaries in Asia-Pacific
Once it receives the MPI license, Upbit Singapore will become part of Upbit APAC, joining other regulated subsidiaries of the South Korean exchange. Upbit APAC already operates licensed cryptocurrency exchanges in Indonesia and Thailand.
Hot Take: Upbit Expands Its Reach in the Crypto Hub of Singapore
Upbit’s regulatory approval from the Monetary Authority of Singapore is a significant development for the exchange. With Singapore positioning itself as a crypto hub, this approval allows Upbit Singapore to offer regulated services in the city-state. It also highlights Singapore’s commitment to regulating the crypto industry while fostering financial innovation. Upbit Singapore’s expansion further strengthens the presence of Upbit in the Asia-Pacific region, where it already operates licensed exchanges in Indonesia and Thailand. As more countries establish regulatory frameworks, it is crucial for crypto exchanges to secure approvals and licenses to operate in compliance with local regulations.
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