Upbit Singapore Gets Initial MAS Approval for Major Payment Institution License

An important milestone in the company’s plan to strengthen its digital asset venture in the area was taken on October 16, 2023, when Upbit Singapore Pte. Ltd. (Upbit Singapore) received an in-principle approval (IPA) for a Major Payment Institution (MPI) licence from the Monetary Authority of Singapore (MAS). While waiting for the complete licence to be issued, Upbit Singapore is able to continue providing regulated Digital Payment Token services in compliance with the Payment Services Act 2019 thanks to this interim clearance.
This action is part of a larger regulatory story in Singapore, where other well-known companies that have obtained MPI licences include Sygnum Singapore, Coinbase, GSR Markets, Blockchain.com, and Crypto.com.
This is not an isolated action; rather, it is part of a larger regulatory story in Singapore, where MPI licences have been obtained by eminent companies like Sygnum Singapore, Coinbase, GSR Markets, Blockchain.com, and Crypto.com.
Upbit Singapore has been establishing strong groundwork for a thriving digital asset enterprise in Singapore, a well-known Asian financial centre, since 2018. An important first step towards Upbit Singapore’s more deliberate entry into the Singaporean market—which is regarded as a hub for the development of digital assets—is the IPA from MAS, a worldwide renowned financial regulator. This also represents Singapore’s continuous efforts to safeguard consumers and promote innovation, which draws dedicated innovators to the country.
Upbit Singapore’s founder and CEO, Alex Kim, stressed that this permission is crucial to opening up new opportunities for firms focused on infrastructure, retail, and institutions. Additionally, Upbit Singapore’s Chief Compliance Officer, Azman Hamid, expressed great delight in getting the IPA and reiterated the company’s steadfast commitment to supporting reliable digital asset firms in Singapore. With cooperative efforts with authorities and the community, Upbit Singapore hopes to elevate Singapore’s reputation as a preeminent centre for next-generation financial businesses.
Upbit Singapore is poised to become one of the regulated digital asset exchanges within Upbit APAC, a prominent global digital asset organisation, following the interim issuance of the MPI licence. The group includes regulated digital asset exchanges in Thailand and Indonesia in addition to VerifyVASP Pte. Ltd., one of the leading providers of digital asset Travel Rule solutions. This action is anticipated to support Upbit APAC’s goal of expanding its worldwide footprint, serving infrastructure-focused and institutional enterprises, and enabling committed developers in the field of digital assets.
A fully owned subsidiary of Upbit APAC Pte. Ltd., Upbit Singapore is a part of Upbit APAC. To further demonstrate its global reach in the digital asset ecosystem, the holding company, Upbit APAC, also runs additional regulated digital asset exchanges and brokers under different countries, such as Indonesia’s BAPPEBTI and Thailand’s SEC.