Upbit Singapore has received in-principle approval from the Monetary Authority of Singapore (MAS) for a major payment institution license. The license will allow Upbit Singapore to offer regulated crypto services to institutional investors and other users.
Upbit Singapore, a subsidiary of South Korea’s leading crypto exchange Upbit by volume, has announced that it has secured in-principle approval from the Monetary Authority of Singapore (MAS) for a major payment institution (MPI) license in accordance with the Payment Services Act.
The act serves as the regulatory framework governing crypto activities in the country.
The exchange is a wholly-owned subsidiary of Upbit APAC Pte Ltd., which oversees various entities within the broader Upbit APAC ecosystem.
These include VerifyVASP Pte. Ltd., the leading provider of Travel Rule solutions for digital assets, Upbit Exchange (Thailand) Co., Ltd., a regulated digital asset exchange and broker under the Thailand SEC, and PT. Upbit Exchange Indonesia.
A Key Success for Upbit Singapore and the Crypto Sector
The MPI license approval from MAS is a significant milestone for Upbit Singapore, as it demonstrates its compliance with the regulatory standards and requirements of the Payment Services Act.
The act aims to ensure consumer protection, anti-money laundering, counter-terrorism financing, and cyber security in the crypto industry.
The license approval will enable Upbit Singapore to continue to provide digital payment token (DPT) services to institutional investors while awaiting full license authorization.
DPT services include buying, selling, or exchanging digital tokens that are not issued or backed by any government or central authority, such as Bitcoin or Ethereum.
The approval will also allow Upbit Singapore to expand its user base and market share in Singapore, which is one of the leading fintech and crypto hubs in Asia.
Singapore has a supportive and innovative regulatory environment for crypto businesses, attracting many global players and investors to its shores.
Upbit Singapore’s Statement and Action Plan
Upbit Singapore expressed its enthusiasm and gratitude for the license approval from MAS, stating that it is a strategic milestone to deepen its presence in Singapore, which is at the forefront of digital asset innovation.
It also said that it is operationally ready to offer regulated DPT services upon receiving full license authorization from MAS.
The crypto exchange also revealed that it is planning to double its workforce in compliance, legal, institutional, and Web3 business development departments following the recent regulatory approval.
Upbit Singapore also said that it will continue to enhance its platform features and user experience, as well as collaborate with other industry players and stakeholders.
Upbit Singapore’s license approval signals a new era for crypto services in Singapore, with Upbit leading the way in providing secure, regulated, and innovative offerings for the market’s growing demands.
