South Korean Crypto Firm Upbit Gets Regulatory Greenlight in Singaporeby Fintech News Singapore October 16, 2023
Upbit Singapore, a subsidiary of South Korean crypto exchange Upbit, has received in-principle approval for a Major Payment Institution (MPI) license by the Monetary Authority of Singapore (MAS).
This will allow Upbit Singapore to continue providing regulated Digital Payment Token (DPT) services as it joins the ranks of crypto exchanges seeking regulatory approval for a license in Singapore.
Once the full license is granted, Upbit Singapore will join the group of regulated digital asset exchanges operated under Upbit APAC.
Upbit APAC is a global digital asset group that includes regulated digital asset exchanges in Indonesia and Thailand, as well as VerifyVASP, a travel rule solution provider.
The group plans to accelerate its expansion towards global, institutional, and infrastructure focused businesses.
“Since 2018, we have been building solid foundations for a robust digital asset business in Singapore, the leading financial hub in Asia.
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,”
said Alex Kim, founder and CEO of Upbit Singapore.
“We are incredibly proud to receive the IPA (in-principle approval) 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 establish Singapore as the leading hub for the next generation of financial businesses”
said Azman Hamid, Chief Compliance Officer of Upbit Singapore.