Upbit Singapore, a unit of South Korean cryptocurrency exchange Upbit, has received an in-principle approval (IPA) for a major payment institution (MPI) license from the Monetary Authority of Singapore (MAS).
The approval allows the cryptocurrency exchange to continue offering digital payment token services to institutional investors in Singapore until the license is obtained. Once licensed, Upbit Singapore will join the group of regulated cryptocurrency exchanges operating under Upbit APAC, according to the PR Newswire portal.
Upbit APAC is a global cryptocurrency group that includes regulated digital asset exchanges in Indonesia and Thailand, as well as VerifyVASP, the largest provider of travel policy solutions.
Alex Kim, founder and CEO of Upbit Singapore, said the company was established in 2018, and since then, its main goal has been to build a solid foundation for a robust digital asset business in Singapore.
"This approval from MAS is a strategic milestone for us to deepen our presence in Singapore, which is at the forefront of digital asset innovation. Singapore, as our global powerhouse, unlocks new capabilities for retail, institutional, and infrastructure-focused businesses," said Kim.
"We are incredibly proud to receive the IPA from MAS, a globally renowned financial regulator. This approval reflects our unwavering commitment to building trusted digital asset businesses in Singapore. Through engaging collaboration with the regulator, businesses, and communities, we will contribute to further establishing Singapore as the leading hub for the next generation of financial businesses"," said Azman Hamid, Chief Compliance Officer of Upbit Singapore.
Upbit Singapore currently employs 80 people.
It is worth noting that in October alone, the Singapore units of Coinbase, Ripple, and Sygnum Bank received licenses from the MAS, bringing the total number of digital payment token service companies licensed by the Monetary Authority of Singapore to 15.
Read also: G20 countries approve global roadmap for cryptoassets regulation.
