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Korean Exchange Upbit Singapore Secures MAS Conditional Approval

The provisional license enables Upbit Singapore to continue providing regulated Digital Payment Token services in compliance with the Payment Services Act 2019 whilst awaiting the grant of a full licence.

Image: Upbit Singapore

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Upbit Singapore, the Southeast Asian subsidiary of South Korean cryptocurrency exchange Upbit, has received in-principle approval from the Monetary Authority of Singapore (MAS) to offer digital payment token services.

This approval allows Upbit Singapore, launched in 2018, to provide Singaporean residents and businesses with the ability to buy, sell, and trade digital payment tokens such as Bitcoin and Ethereum.

The approval is a testament to Upbit Singapore's commitment to security, compliance, and responsible growth in the crypto sector, the firm said in an announcement on Monday.

Alex Kim, founder and CEO of Upbit Singapore, called the approval a "strategic milestone for us to deepen our presence in Singapore."

"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" Azman Hamid, Chief Compliance Officer of Upbit Singapore, added.

Parent company Upbit APAC also operates regulated digital asset exchanges in Thailand and Indonesia. Upbit Singapore emphasized its dedication to transparency and compliance, and it said it will continue to collaborate with MAS to ensure that it adheres to all regulatory standards.

More Approvals

This move aligns with Singapore's commitment to fostering innovation in the digital assets space while maintaining strong regulatory oversight. The country has been proactive in regulating cryptocurrencies and blockchain technology, positioning itself as a welcoming environment for crypto-related businesses.

Earlier this month, MAS granted Ripple a Major Payments Institution (MPI) license. The full license allows Ripple to provide regulated digital payment token services in Singapore.

The regulator also recently issued MPI licenses to Coinbase and SygnumGSR also received an In-Principal Approval (IPA) earlier this month.

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