South Korea’s leading cryptocurrency exchange, Upbit, has recently achieved a significant milestone in its global expansion plans. The Monetary Authority of Singapore (MAS) has granted Upbit an in-principle approval for a Major Payment Institution (MPI) license, allowing the exchange to provide digital payment token services to institutional investors in Singapore. While the full license authorization is still pending, this initial approval enables Upbit Singapore to continue its operations and solidify its local presence.
Industry-Wide Trend
This regulatory green light received by Upbit Singapore aligns with a broader trend in the cryptocurrency industry. The MAS has been actively granting MPI licenses to several cryptocurrency-focused entities. In fact, Upbit will join a select group of 15 crypto firms that have already obtained the MPI digital payment token service licenses from MAS.
Recognition and Excitement
Alex Kim, the founder and CEO of Upbit Singapore, expressed his excitement and gratitude upon receiving the in-principle license approval. He called it a strategic milestone for the exchange and emphasized Upbit’s commitment to strengthening its position in the local market.
“The in-principle license approval is a testament to our dedication to providing reliable and secure services to our institutional investors. We are confident that once we receive the full license authorization, Upbit will continue to play a leading role in the development of the cryptocurrency industry in Singapore.”
Upbit Singapore’s achievements come in the wake of other notable players in the industry securing their MPI licenses from MAS. Coinbase, a prominent cryptocurrency exchange, recently obtained a full MPI license, while GSR and Sygnum Singapore received in-principle approval for their licenses.
The increasing number of licensed cryptocurrency entities reflects Singapore’s growing status as a cryptocurrency-friendly jurisdiction. Ripple, another major player in the industry, also celebrated the receipt of its full MPI license in Singapore. Ripple CEO Brad Garlinghouse praised MAS and the country for striking the balance between innovation, consumer protection, and responsible growth.
“Singapore has emerged as one of the leading fintech and crypto hubs in the world, thanks to the visionary leadership of MAS. The country stands as a shining example of how it is possible to foster innovation while ensuring consumer protection and responsible industry development.”
As Upbit expands its operations within the Asia-Pacific region, the exchange continues to demonstrate its commitment to compliance, security, and growth. With regulated digital asset exchanges in Indonesia and Thailand, as well as VerifyVASP, a leading Travel Rule solution provider, Upbit is well-positioned to meet the evolving needs of the cryptocurrency industry.
