The Monetary Authority of Singapore (MAS) has granted an in-principle approval to UPbit Singapore, the Singapore subsidiary of South Korean cryptocurrency exchange UPbit. The approval allows UPbit Singapore to offer regulated Digital Payment Token Services while awaiting full approval. This is a significant milestone for UPbit Singapore, as it now joins other exchanges such as Coinbase and Blockchain.com with similar licenses. Alex Kim, CEO of UPbit Singapore, underlines the strategic importance of this approval, as it strengthens the exchange’s presence in Singapore, a leading hub for digital asset innovation. UPbit’s Chief Compliance Officer, Azman Hamid, sees the approval as a testament to the company’s dedication to establishing a trusted digital asset enterprise in Singapore.
As one of the largest South Korean cryptocurrency platforms, UPbit has experienced considerable growth and success. In August, UPbit accounted for approximately 6% of the total trading volumes across centralized exchanges, surpassing competitors like Coinbase and OKX. The approval from MAS further solidifies UPbit’s position as a major player in the crypto industry.
Singapore is known for its comprehensive regulatory measures regarding cryptocurrency. The city-state has positioned itself as a desirable destination for digital asset firms due to its clear and transparent regulatory framework. MAS has granted licenses to three major crypto firms, including Ripple, Circle, and UPbit, this month alone, allowing them to expand their operations in the region. With this latest approval, Singapore now has a total of 15 licensed crypto-related businesses, making it a global leader in the digital asset sector.
The approval of UPbit Singapore’s Digital Payment Token Services license contributes to Singapore’s goal of becoming a leading hub for the next generation of financial businesses. The collaboration between UPbit Singapore and the regulator, along with engagement with local businesses and communities, will help establish Singapore as a trusted and innovative center for digital assets. The country’s commitment to providing clarity and regulation in the crypto industry has attracted numerous digital asset firms to establish a presence in Singapore.
With the in-principle approval from MAS, UPbit Singapore is now poised to offer regulated Digital Payment Token Services to its users. Once it receives full approval, UPbit Singapore will have the authority to facilitate secure and compliant digital asset transactions, providing customers with added confidence in their digital investments. As UPbit Singapore expands its operations in Singapore, it will join a growing ecosystem of regulated exchanges and digital asset companies, further strengthening the country’s position as a global leader in the industry.
The in-principle approval received by UPbit Singapore for its Major Payment Institution license is a significant achievement for the exchange. It demonstrates the company’s commitment to establishing a trusted digital asset enterprise in Singapore and reinforces its position as a major player in the crypto industry. Furthermore, this approval contributes to Singapore’s reputation as a global leader in the digital asset sector and strengthens its position as a leading hub for financial innovation. As UPbit Singapore prepares to offer regulated Digital Payment Token Services, it will play an integral role in shaping the future of digital asset transactions in Singapore and beyond.