Upbit Singapore Secures Initial Approval from MAS for Significant Payment Institution License

Upbit Singapore Secures Approval for Major Payment Institution License in Singapore

On October 16, 2023, Upbit Singapore Pte. Ltd. (Upbit Singapore) received an in-principle approval (IPA) from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license. This milestone allows Upbit Singapore to offer regulated Digital Payment Token services in accordance with the Payment Services Act 2019 while waiting for the full license to be issued.

A Broader Regulatory Trend in Singapore

This development reflects a larger regulatory trend in Singapore, with other prominent entities like Sygnum Singapore, Coinbase, GSR Markets, Blockchain.com, and Crypto.com also obtaining MPI licenses.

Strengthening Upbit’s Presence in Singapore

Since 2018, Upbit Singapore has been establishing a strong foundation for its digital asset business in the country. The IPA from MAS is a significant milestone that enables Upbit Singapore to further expand its presence in the Singaporean market, known for its digital asset innovation and commitment to consumer protection.

Positive Outlook from Upbit Singapore’s Leadership

Alex Kim, the Founder and CEO of Upbit Singapore, sees this approval as an opportunity to unlock new possibilities for retail, institutional, and infrastructure-focused businesses. Azman Hamid, the Chief Compliance Officer of Upbit Singapore, expressed pride in receiving the IPA and reiterated the company’s dedication to supporting trusted digital asset enterprises in Singapore.

Joining Upbit APAC’s Network of Regulated Exchanges

With the interim grant of the MPI license, Upbit Singapore will join Upbit APAC—a global digital asset group that includes regulated exchanges in Indonesia and Thailand. This move aims to expand Upbit APAC’s global reach and cater to institutional and infrastructure-focused businesses, fostering growth in the digital asset industry.

Upbit Singapore: Part of a Global Digital Asset Ecosystem

As a wholly owned subsidiary of Upbit APAC Pte. Ltd., Upbit Singapore is part of a larger network that operates regulated digital asset exchanges and brokers across multiple jurisdictions, including Thailand’s SEC and Indonesia’s BAPPEBTI.

Hot Take: Upbit Singapore Empowers Digital Asset Innovation in Singapore

The approval of the Major Payment Institution license for Upbit Singapore marks a significant milestone in the company’s mission to fortify its digital asset venture in Singapore. This development aligns with Singapore’s commitment to fostering innovation while ensuring consumer protection. With this regulatory approval, Upbit Singapore aims to further enhance Singapore’s position as a leading hub for next-generation financial enterprises.