Upbit Follows Ripple With Major License Approval In Singapore

In a recent development, Singapore’s cryptocurrency landscape witnessed another milestone as Upbit Singapore secured an in-principle approval for a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). This development strengthens Upbit’s presence in Singapore’s thriving digital asset industry.

Upbit Singapore Gains Ground with MPI License Approval

In a significant move, Upbit Singapore Pte. Ltd. has been granted an in-principle approval (IPA) for an MPI license by the Monetary Authority of Singapore (MAS). Notably, this IPA allows Upbit Singapore to continue offering regulated Digital Payment Token services, in alignment with the Payment Services Act 2019, while awaiting the full license.

Meanwhile, Upbit Singapore’s founder and CEO, Alex Kim, expressed his excitement, stating that this approval marks a strategic milestone in deepening their presence in Singapore, a leading hub for digital asset innovation in Asia. Singapore’s reputation for promoting innovation and consumer protection through inclusive collaboration between regulators and businesses makes it an ideal location for committed innovators, he added.

Azman Hamid, Chief Compliance Officer of Upbit Singapore, underlined the company’s unwavering commitment to building trusted digital asset businesses in Singapore. The partnership between the regulator, businesses, and communities is poised to further establish Singapore as a global hub for the next generation of financial businesses.

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Singapore Increases Focus On Cryptos

Following the grant of the MPI license, Upbit Singapore will join the ranks of regulated digital asset exchanges within Upbit APAC. Meanwhile, this prominent global digital asset group already includes regulated exchanges in Indonesia and Thailand, along with VerifyVASP, a leading Travel Rule solution provider.

With this, Upbit APAC is set to accelerate its expansion efforts, catering to global, institutional, and infrastructure-focused businesses.

Meanwhile, the crypto industry in Singapore has gained traction lately, as evidenced by the recent developments in the sector. Notably, MAS granted license approvals to the Singapore-based entities of Coinbase and Ripple, among others, during October, bringing the total count of MAS-licensed digital payment token service providers to 15.

Meanwhile, the approval of Upbit Singapore’s MPI license represents a significant step forward in Singapore’s rapidly evolving cryptocurrency sector. It not only highlights the regulatory strength of the country but also underscores the commitment of companies like Upbit to fostering innovation and reliability within the digital asset landscape.

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