Upbit Singapore Receives In-Principle Approval from MAS
Upbit, a South Korean cryptocurrency exchange owned by Dunamu, has announced that it has obtained in-principle approval from the Monetary Authority of Singapore (MAS) through its local entity, Upbit Singapore Pte. Ltd. This approval allows Upbit Singapore to continue providing relevant services while waiting for the full license to be granted.
Alex Kim, founder and CEO of Upbit Singapore, expressed his excitement about this milestone, stating that it will deepen their presence in Singapore, which is a leading financial hub in Asia. He sees this approval as an opportunity to unlock new capabilities for retail, institutional, and infrastructure-focused businesses.
Other Crypto Exchanges Receiving Licenses
In recent months, other cryptocurrency exchanges have also received licenses from MAS. Coinbase was granted the full Major Payment Institution (MPI) license after obtaining in-principle approval last year. Circle also received an MPI license, allowing its affiliate, Circle Internet Singapore, to offer digital payment token services and cross-border and domestic money transfer services in Singapore.
Hot Take: Expanding Crypto Presence in Singapore
The approval of Upbit’s in-principle license by MAS reflects the growing recognition and acceptance of cryptocurrencies in Singapore. As one of the leading financial hubs in Asia, Singapore is paving the way for digital asset innovation. With more crypto exchanges receiving licenses, it is clear that the country is positioning itself as a global powerhouse for the crypto industry. This development opens up new opportunities for retail investors, institutional players, and businesses focused on crypto infrastructure in Singapore.
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