- Upbit Singapore secures in-principal approval for an MPI license from the MAS.
- The approval allows Upbit to offer regulated digital payment token services under Singapore’s Payment Services Act 2019.
- Singapore’s reputation as a cryptocurrency hub is growing rapidly.
Upbit Singapore, a branch of Upbit which is South Korea’s largest cryptocurrency exchange by volume, has received a significant nod from the Monetary Authority of Singapore (MAS). The cryptocurrency exchange has been granted in-principal approval for a Major Payment Institution (MPI) license in the city-state.
This development opens the doors for Upbit to offer regulated digital payment token services in compliance with the Payment Services Act 2019 (PSA).
Upbit Singapore’s major milestone
Upbit Singapore was launched in 2018 and received exempt status from holding a license under the PSA in 2020.
Upbit is making substantial progress in expanding its presence in the cryptocurrency market. The approval by the MAS paves the way for Upbit to provide regulated digital payment token services in accordance with Singapore’s Payment Services Act 2019.
The in-principal approval specifically allows the exchange to continue offering its services to institutional investors while awaiting full license authorization. This initial approval serves as a strategic milestone for Upbit Singapore, emphasizing the exchange’s dedication to establishing a strong presence in the local market.
With this regulatory green light, Upbit Singapore is gearing up to expand its operations and gradually emerge from “stealth mode.”
Singapore’s growing Crypto Hub status
Singapore is increasingly recognized as a prominent hub for the crypto industry, working closely with banks, businesses, and the public to create a favourable environment for cryptocurrencies. The country’s government has been instrumental in establishing Singapore as a leader in the crypto space.
Upbit’s achievement positions it among an exclusive group of 15 crypto firms with full MPI digital payment token service licenses from MAS. Prominent players such as Coinbase and Blockchain.com also received licenses from MAS recently, further solidifying Singapore’s reputation as a cryptocurrency-friendly jurisdiction. Ripple was also been approved by the MAS to operate in the country.
Ripple CEO Brad Garlinghouse praised Singapore for striking a balance between innovation, consumer protection, and responsible growth, highlighting its growing status as a cryptocurrency hub.