South Korean exchange Upbit gets initial license nod from Singapore

October 17, 2023

By Sharan Kaur Phillora

Upbit, South Korea’s largest cryptocurrency exchange by trading volume, has achieved a significant milestone in its global expansion efforts. Upbit’s Singaporean arm announced today that it has been granted in-principal approval for a Major Payment Institution (MPI) license by the Monetary Authority of Singapore (MAS). This approval allows Upbit to continue offering digital payment token services to institutional investors in Singapore while the exchange awaits its full license.

Here’s what we know:

Founded in 2018, Upbit Singapore sees this recent approval as a strategic milestone that will enhance its local presence in the vibrant Singaporean financial market. CEO Alex Kim expressed his enthusiasm, stating, “This approval is a testament to our commitment to the Singaporean market. We are eager to deepen our roots here and contribute significantly to the evolving financial landscape.”

Azman Hamid, Upbit Singapore’s compliance chief, emphasized the firm’s dedication to Singapore’s financial ecosystem. He stated, “We will contribute to further establishing Singapore as the leading hub for the next generation of financial businesses.”

Upon receiving the full approval, Upbit will become one of the 15 crypto firms holding MPI digital payment token service licenses from MAS. This move comes amidst a wave of approvals in the cryptocurrency sector in Singapore. In October alone, MAS granted licenses to prominent entities, including Coinbase, Ripple, and Sygnum Bank, expanding the total number of licensed digital payment token service firms to 15.

Coinbase was granted full approval for its MPI license on October 2, with GSR, a crypto trading firm, also receiving in-principal approval for its MPI license the same day. Subsequently, Sygnum Singapore, a subsidiary of a Swiss crypto bank, secured its full MPI license on October 3, followed by Ripple, which obtained its full MPI license on October 4.

The approval granted to Upbit marks a pivotal moment for the exchange, opening up new avenues for growth and establishing Singapore as a key hub for cryptocurrency innovation and investment in the Asia-Pacific region. As the digital currency landscape continues to evolve, Upbit’s expansion into Singapore signifies a significant step towards reshaping the future of finance.

About the author

Sharan Kaur Phillora’s thirst for knowledge has led her to study many different subjects, including NFTs and Blockchain technology – two emerging technologies that will change how we interact with each other in the future. When she isn’t exploring a new idea or concept, she enjoys reading literary masterpieces.

Translate Now