Upbit Singapore Acquires Preliminary MAS Approval for Major Payment Institution Licence
Zach Anderson Oct 16, 2023 10:05
Upbit Singapore has received an in-principle approval for a Major Payment Institution licence from the Monetary Authority of Singapore, a significant step towards establishing a stronger digital asset business in Singapore. This provisional approval will enable Upbit Singapore to continue offering regulated Digital Payment Token services as per the Payment Services Act 2019 while awaiting the full license.
On October 16, 2023, Upbit Singapore Pte. Ltd. (Upbit Singapore), secured an in-principle approval (IPA) from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) licence, marking a pivotal step in the firm's journey to fortify its digital asset venture in the region. This provisional approval allows Upbit Singapore to persist in rendering regulated Digital Payment Token services in alignment with the Payment Services Act 2019, while awaiting the issuance of the full license.
This move isn’t isolated but mirrors a broader regulatory narrative in Singapore, with notable entities like Sygnum Singapore, Coinbase, GSR Markets, Blockchain.com, and Crypto.com also securing MPI licenses.
Since 2018, Upbit Singapore has been laying robust foundations for a vigorous digital asset business in Singapore, a renowned financial hub in Asia. The IPA from MAS, a globally recognized financial regulator, represents a significant milestone that strategizes Upbit Singapore's deeper penetration into the Singaporean market, which is seen as a nexus for digital asset innovation. This also symbolizes Singapore's ongoing commitment to fostering innovation while ensuring consumer protection, thereby attracting committed innovators to its shores.
Alex Kim, the Founder and CEO of Upbit Singapore, emphasized that this approval is instrumental in unlocking new vistas for retail, institutional, and infrastructure-centric businesses. Moreover, Azman Hamid, the Chief Compliance Officer of Upbit Singapore, expressed immense pride in receiving the IPA, reiterating the firm's unwavering dedication to nurturing trusted digital asset enterprises in Singapore. Through collaborative efforts with regulators and the community, Upbit Singapore envisions to augment Singapore's stature as a leading hub for next-gen financial enterprises.
With the interim grant of the MPI license, Upbit Singapore is set to join the ranks of regulated digital asset exchanges under Upbit APAC, a significant global digital asset group. The group encompasses regulated digital asset exchanges in Indonesia and Thailand, along with VerifyVASP Pte. Ltd., a foremost Travel Rule solution provider for digital assets. This move is expected to fuel Upbit APAC's ambition of broadening its global reach, catering to institutional and infrastructure-focused businesses, thus empowering dedicated builders in the digital asset domain.
Upbit Singapore is a wholly owned subsidiary of Upbit APAC Pte. Ltd. (Upbit APAC). The holding company, Upbit APAC, also operates other regulated digital asset exchanges and brokers under various jurisdictions, including Thailand's SEC and Indonesia's BAPPEBTI, further showcasing its global footprint in the digital asset ecosystem.
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