In a significant development for the cryptocurrency landscape in Singapore, Upbit, South Korea‘s leading exchange, has received in-principle approval for a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). This marks a crucial step towards Upbit’s official recognition as a player in the local crypto market.
Stealth Mode No More
Upbit Singapore’s Chief Operating Officer, Raks Sondhi, expressed excitement about the approval, stating that the company would gradually emerge from its “stealth mode.” Despite operating in Singapore since 2018, the approval from MAS signals a more formal acknowledgment of Upbit’s presence and services in the country.
Building a Strong Foundation
Sondhi highlighted Upbit’s commitment to Singapore, emphasizing that the company has been actively building its team since 2018. The primary focus has been on the digital asset exchange business, with plans to expand further into the institutional segment and infrastructure projects.
Strategic Business Expansion
The approval allows Upbit to offer digital payment token services to institutional investors while awaiting the full license. Azman Hamid, the firm’s compliance chief, sees this as a testament to Upbit’s dedication to building a strong business foundation in Singapore. Hamid stated, “We will contribute to further establish Singapore as the leading hub for the next generation of financial businesses.”
Joining Elite Company
If granted full approval, Upbit will join the ranks of 15 crypto firms holding full MPI digital payment token service licenses from MAS. Notable names like Coinbase, Ripple, and Sygnum Bank have recently received license approvals, underscoring Singapore’s growing significance in the global crypto ecosystem.
Continued Growth in the Crypto Landscape
The approval for Upbit comes amidst a flurry of regulatory activity in October. Coinbase, Ripple, and Sygnum Bank’s Singapore entities all secured license approvals from MAS, contributing to the rise in MAS-licensed digital payment token service firms.
Looking Ahead
With the initial approval in hand, Upbit Singapore is poised to play a more prominent role in Singapore’s crypto market. The company’s strategic focus on digital asset exchange, institutional services, and infrastructure projects positions it to contribute significantly to the evolving landscape of financial technology in the region. As Singapore solidifies its position as a hub for crypto innovation, Upbit’s journey reflects the dynamic nature of the industry and the ongoing efforts to establish robust regulatory frameworks.
