Upbit Singapore, the Singapore subsidiary of South Korea’s top cryptocurrency exchange UPbit, has received in-principle approval for a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). This approval enables the company to offer regulated Digital Payment Token Services while awaiting full approval.
The milestone follows UPbit Singapore’s establishment in 2018 and marks a significant step for the exchange, which now joins the ranks of Coinbase and Blockchain.com with similar licenses.
Alex Kim, CEO of UPbit Singapore, emphasized the strategic importance of this approval, highlighting its potential to strengthen the exchange’s presence in a leading hub for digital asset innovation. “This in-principle approval is a testament to our commitment to building a trusted digital asset business in Singapore,” said Azman Hamid, Chief Compliance Officer of Upbit Singapore. “We are excited to continue working with the MAS and the broader community to contribute to the development of Singapore as a leading global hub for digital assets.”
UPbit is one of the largest South Korean crypto platforms, accounting for around 6% of the total trading volumes across centralized exchanges in August. Singapore has earned a reputation for its crypto regulatory measures, which are designed to provide clarity for the emerging industry. As a result, the city-state has become a choice destination for several digital asset firms.
This month, the MAS granted licenses to at least three major crypto firms, including Ripple, Circle, and UPbit, to expand their operations into the region. This brings the total number of licensed crypto-related businesses in the country to 15, further solidifying its position as a global leader in the digital asset sector. A recent report by Henley and Partners’ Crypto Wealth stated that Singapore is the world’s leading crypto hub thanks to its favorable regulatory environment, emphasis on innovation and technology, and tax incentives, among other factors.
The in-principle approval granted to Upbit Singapore is a positive development for the cryptocurrency industry in Singapore. It demonstrates that the MAS is supportive of responsible innovation in the digital asset space and is committed to promoting Singapore as a leading global crypto hub.