Upbit Cryptocurrency Exchange Receives Approval for Major Payment Institution License in Singapore
South Korea’s Upbit cryptocurrency exchange has been granted in-principle approval for a Major Payment Institution (MPI) license in Singapore. This license allows Upbit to continue offering regulated Digital Payment Token services while waiting for the full license. Upbit sees this approval as a significant milestone in deepening its presence in Singapore, which is known for its digital asset innovation. Upbit has been building a strong foundation in Singapore since 2018, positioning itself as a leading digital asset business in Asia.
Joining the Ranks of Licensed Crypto Firms
Upbit will soon join the group of 15 cryptocurrency firms with full MPI digital payment token service licenses in Singapore. In October, Coinbase, Ripple, and Sygnum Bank also received approval for their licenses, solidifying Singapore’s reputation as a cryptocurrency hub. Earlier this year, Circle Internet Pte. Ltd. secured its license as well.
Expanding Upbit APAC Network
Once Upbit Singapore receives the full grant of the MPI license from MAS, it will become part of the Upbit APAC network. This network includes regulated digital asset exchanges in Indonesia and Thailand, as well as VerifyVASP, a leading provider of Travel Rule solutions. The expansion efforts of Upbit APAC will focus on targeting global institutional and infrastructure-focused businesses.
Hot Take: Singapore’s Growing Crypto Landscape
Singapore continues to establish itself as a thriving hub for cryptocurrency companies with its progressive regulatory approach and licensing approvals. The recent approval granted to Upbit further strengthens Singapore’s position as an attractive destination for crypto businesses seeking regulatory certainty and growth opportunities. As more major players enter the market, Singapore is poised to maintain its status as a leading global cryptocurrency hub.
Insa’s extensive background in the financial realm encompasses roles as a writer, trader, and personal finance coach. Her proficiency spans a wide spectrum, ranging from commodities and indices to forex and cryptocurrencies. Insa’s specialization lies in furnishing strategic investment advice tailored to the fintech investment niche.