South Korean cryptocurrency exchange UPbit has achieved yet another milestone with its Singapore subsidiary, UPbit Singapore, receiving in-principle approval for a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). This approval allows UPbit Singapore to offer regulated Digital Payment Token Services while waiting for full approval. The granting of this license solidifies UPbit Singapore’s position as a trusted and regulated digital asset enterprise in Singapore, joining the ranks of exchanges like Coinbase and Blockchain.com.
The approval of the MPI license marks a significant step forward for UPbit Singapore and demonstrates the company’s dedication to establishing a strong presence in Singapore, a leading hub for digital asset innovation. With this license, UPbit Singapore can contribute to further establishing Singapore as the top destination for the next generation of financial businesses. Alex Kim, the CEO of UPbit Singapore, acknowledges the strategic importance of this approval and recognizes the potential for strengthening the exchange’s presence in the Singaporean market.
UPbit is one of the largest cryptocurrency platforms in South Korea, and its expansion into Singapore further solidifies its position in the global market. In August, UPbit accounted for approximately 6% of the total trading volumes across centralized exchanges, outperforming rivals such as Coinbase and OKX. With the MPI license, UPbit Singapore gains a competitive advantage by being able to offer regulated Digital Payment Token Services, a crucial service in the fast-growing digital asset industry.
Singapore has earned a reputation for its innovative approach to crypto regulation, providing clarity and a conducive ecosystem for digital asset firms. The MAS has consistently granted licenses to crypto-related businesses, further establishing Singapore as a global leader in the digital asset sector. In fact, the MAS has already granted licenses to prominent crypto firms such as Ripple and Circle earlier this month. With the recent approval of UPbit Singapore’s MPI license, the total number of licensed crypto-related businesses in Singapore has reached 15, reaffirming its position as a top global destination for the digital asset industry.
UPbit Singapore’s in-principle approval for a Major Payment Institution license is a significant achievement for the exchange and a testament to its commitment to establishing a trusted and regulated digital asset enterprise in Singapore. With this approval, UPbit Singapore joins the ranks of other reputable exchanges with similar licenses, enhancing its competitive edge in the market. Furthermore, Singapore’s supportive regulatory environment for the crypto industry positions the country as a global leader and a preferred destination for digital asset firms. UPbit Singapore’s expansion into Singapore is a strategic move that sets the stage for further growth and success in the dynamic digital asset landscape.
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