Upbit Singapore Receives Initial Approval for Local Crypto License

Upbit Singapore, the Singapore-based arm of South Korea’s largest cryptocurrency exchange, has obtained initial approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license. This approval allows Upbit Singapore to offer digital payment token services to institutional investors as it awaits full licensing.

Founded in 2018, Upbit Singapore views this approval as a significant strategic milestone for enhancing its local presence in Singapore. The compliance chief of the firm, Azman Hamid, emphasized their commitment to building their business in Singapore, stating, “We will contribute to further establishing Singapore as the leading hub for the next generation of financial businesses.”

Upon receiving full approval, Upbit will join a group of 15 cryptocurrency firms holding full MPI digital payment token service licenses granted by MAS.

In October, several other cryptocurrency entities in Singapore also obtained license approvals from MAS. These include Coinbase, Ripple, and Sygnum Bank’s Singaporean entities, contributing to the growing number of licensed digital payment token service firms under MAS regulation.

On October 2, Coinbase was granted full approval for its MPI license, while crypto trading firm GSR received in-principal approval for its MPI license on the same day. The subsidiary of Swiss crypto bank, Sygnum Singapore, was awarded its full MPI license a day later, and Ripple secured its full MPI license on October 4.

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