Upbit, a preeminent cryptocurrency exchange originating from South Korea, has successfully acquired regulatory consent from Singapore’s primary financial authority. This sanction permits the exchange to offer regulated services in Singapore, a jurisdiction that has garnered a reputation as a nexus for cryptocurrency activities.
Regulatory Green Light for Upbit Singapore for Significant Payment Institution License
The Monetary Authority of Singapore (MAS), the central banking institution of the island nation, has granted regulatory approval to Upbit Singapore, a subsidiary of one of South Korea’s four major digital asset trading platforms.
Upbit Singapore Earns Preliminary Approval from Monetary Authority of Singapore
It is with pleasure that we inform you that Upbit Singapore Pte. Ltd. has been granted a preliminary approval, known as In-Principle Approval (IPA), for a Major Payment Institution (MPI) license by the Monetary Authority of Singapore (MAS).
The provisional approval paves the way for Upbit Singapore to persist in offering regulated services in “digital payment token services,” in alignment with Singapore’s Payment Services Act of 2019. This is to be observed while the platform anticipates the issuance of a full Major Payment Institution (MPI) license.
Alex Kim, the Founder and CEO of Upbit Singapore, remarked that since 2018, the platform has been building the infrastructure for its digital asset ventures in Singapore. He underscored that obtaining this regulatory consent serves as a pivotal moment in the company’s bid to fortify its operations in the city-state. Kim further elaborated:
Singapore serves as our international cornerstone, providing new avenues for businesses focused on retail, institutional, and infrastructure sectors.
Singaporean authorities have been proactively regulating the cryptocurrency landscape. The Monetary Authority of Singapore has collaborated with industry stakeholders to establish norms, stimulate financial innovation, and safeguard consumer interests. Earlier in the month, the central bank granted licenses to blockchain enterprise Ripple and Coinbase, the leading cryptocurrency exchange in the United States.
“In close cooperation with the regulatory body, as well as business and community stakeholders, we aim to consolidate Singapore’s position as a premier hub for the financial enterprises of the future,” said Azman Hamid, the Chief Compliance Officer of Upbit Singapore.
Upon acquiring the MPI license, Upbit Singapore will be incorporated into Upbit APAC, the holding company’s regulated Asia-Pacific subsidiaries. Upbit APAC is already overseeing licensed cryptocurrency exchanges in Indonesia and Thailand.
Would you anticipate that Singapore will extend licenses to additional significant cryptocurrency platforms within this calendar year? We invite you to share your thoughts in the comments section below.
Frequently Asked Questions (FAQs) about Upbit Singapore Regulatory Approval
What entity has granted Upbit Singapore regulatory approval?
The Monetary Authority of Singapore (MAS) has granted Upbit Singapore In-Principle Approval (IPA) for a Major Payment Institution (MPI) license.
What does the regulatory approval allow Upbit Singapore to do?
The In-Principle Approval allows Upbit Singapore to continue offering regulated services in “digital payment token services,” in accordance with Singapore’s Payment Services Act of 2019, while awaiting the issuance of a full Major Payment Institution (MPI) license.
Who is the Founder and CEO of Upbit Singapore?
Alex Kim serves as the Founder and CEO of Upbit Singapore.
What significance does this approval hold for Upbit Singapore?
The approval serves as a milestone for Upbit Singapore in its efforts to expand its presence in the city-state. It also allows the platform to operate within a regulated framework, boosting its credibility and potential for growth.
What other companies have recently received licenses from the Monetary Authority of Singapore?
Earlier this month, the Monetary Authority of Singapore granted licenses to blockchain company Ripple and the United States’ leading cryptocurrency exchange, Coinbase.
What is Upbit Singapore’s next step after receiving this approval?
Upon acquiring the full MPI license, Upbit Singapore will become part of Upbit APAC, the holding company’s regulated subsidiaries in the Asia-Pacific region, which already oversees licensed exchanges in Indonesia and Thailand.
What role does Singapore play in Upbit Singapore’s global strategy?
According to Alex Kim, the Founder and CEO of Upbit Singapore, the city-state serves as an international cornerstone for the company, unlocking new capabilities for businesses focused on retail, institutional, and infrastructure sectors.
How is the Monetary Authority of Singapore regulating the crypto space?
The Monetary Authority of Singapore is actively working with industry stakeholders to establish norms, promote financial innovation, and ensure consumer protection within the cryptocurrency landscape.
Who is the Chief Compliance Officer of Upbit Singapore?
Azman Hamid serves as the Chief Compliance Officer of Upbit Singapore.
Do you expect more cryptocurrency platforms to receive licenses from Singapore this year?
While the text does not offer an explicit prediction, the regulatory steps taken by the Monetary Authority of Singapore suggest a possible trend toward increased regulation and licensing of cryptocurrency platforms in the near future.
More about Upbit Singapore Regulatory Approval
- Monetary Authority of Singapore Official Website
- Singapore’s Payment Services Act of 2019
- Upbit Official Website
- Upbit Singapore Announcement on Twitter
- Recent MAS Licenses to Ripple and Coinbase